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USDCAD Hangs on BoC, NFP
The pair will be under the spotlight as major data come in from both sides. The Bank of Canada is expected to leave the interest rates unchanged. However, optimistic guidance could give the Canadian dollar firm support. The US dollar will see heightened volatility as the November NFP report kicks in. Positive figures may give the greenback a temporary boost, though we expect strong resistance on the upside. The pair’s month-long recovery has reached the October high of 1.3350 where selling pressures start to pile up. 1.3200 will be a critical support to keep the price afloat.
AUDUSD Could Slide Below 67c.
The Aussie could be one of the best market movers at the start of the week; RBA’s rate decision and GDP figures are expected on Tuesday and Wednesday, respectively. While Governor Philip Lowe has said cuts are “not on the agenda”, speculations of QE next year could keep the currency under pressure.
The following GDP figure may come in as a confirmation s...
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