U.S. Dollar Home Sales

U.S. Home Sales will be released tomorrow, August 22nd, at 10:00am EST.

[column size=”1-2″ last=”0″ style=”1″] Last month saw the lowest Home Sales since 2010 with the release at 4.37m. Tomorrow’s forecast is 4.52m.

USD/CAD Direction

If Home Sales data is higher than 4.52, I think we could see some bullish dollar movement.

The USD/CAD being our focus today, with dollar bulls, we could see a nice bounce off of the USD/CAD .989 support level on it’s way to 1.00 again. See the chart below.

Tomorrow’s CAD retail sales and the FOMC Meeting are also being released.

The CAD Retail sales have not been consistent recently, seeing substantial deviation from the forecast the past 4 out of 5 months.

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This makes it safe to say we could see deviation tomorrow also, which would play a role in which way the market is moving.

With the FOMC meetings, we’ll want to keep an ear open for any monetary policy but the Fed could be holding off until election time in November to speak concerning significant things such as, QE3. [/column]

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