USDCAD

2023年10月11日

Canadian dollar faces US data and Fed minutes
- The loonie is under pressure from the US dollar, which could gain strength from the US PPI and the FOMC minutes.
- The US PPI could indicate higher inflation, while the FOMC minutes could reaffirm the Fed's dovish stance.
- The most important fact is that the US PPI is a leading indicator of inflation and could have a significant impact on the USD/CAD exchange rate.

Fed speakers and Logan's dovish remarks
- The USD was weighed down by the Fed's Logan, who said there may be less need for the Fed to raise rates.
- The USD also benefited from the safe haven demand due to the Israel-Palestine conflict.
- The most important fact is that Logan's remarks contrasted with the hawkish narrative of the previous FOMC meeting.

Crude oil prices and Middle East war
- The loonie is supported by the high crude oil prices, which are driven by the war in the Middle East.
- The war could cause supply disruptions and increase the demand for oil.
- The most important fact is that OPEC raised the demand forecast for oil, which could boost the loonie.

Building permit data from Canada
- The loonie could also gain from the building permit data, which is expected to show a 0.5% growth.
- The building permit data reflects the health of the construction sector and the housing market in Canada.
- The most important fact is that the building permit data could signal a recovery in the Canadian economy.

USD/CAD outlook and levels
- The USD/CAD pair is trading in a narrow range, with resistance at 1.2130 and support at 1.2050.
- The pair could break out of this range depending on the outcome of the US data and the Fed minutes.