Investing.com – Last week saw the Canadian dollar retreat from a 1-month high to end lower against its U.S. counterpart, after worse-than-expected data on U.S. consumer confidence and fresh fears over the euro zone banking sector weighed on risk appetite.
USD/CAD hit 1.0215 on Friday, the pair's lowest since September 14; the pair subsequently consolidated at 1.0327, by close of trade on Friday, edging down 0.03% on the week.
The pair is likely to find support at 1.0215, last Friday's low and resistance at 1.0373, the high of September 10.
On Friday, risk appetite waned after preliminary data showed consumer sentiment in the U.S. unexpectedly fell in September, to its lowest level since August 2009. Also Friday, Ireland's finance minister denied reports that Ireland would be forced to seek assistance from the International Monetary Fund.
Next week, the U.S. Federal Reserve is to announce its benchmark interest rate. The U.S. is also to release several reports on the housing sector as well as a weekly report on initial jobless claims.
The country is also to release key data on manufacturing production while Federal Reserve chairman Ben Bernanke is to speak at a public engagement.
Meanwhile, Canada is to publish official data on consumer price inflation and retail and wholesale sales. The country is also to release a key report on foreign investment, as well as an index of leading economic indicators.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect USD/CAD.
Monday, September 20
The U.S. is to begin the week by publishing industry data on home sales, a leading indicator of economic health.
Canada is to publish data on foreign securities purchases as well as data on wholesale sales, an important indicator of consumer spending.
Tuesday, September 21
The U.S. Federal Reserve is to announce its benchmark interest rate. The announcement will be followed by the release of the closely watched rate statement, which discusses economic outlook.
The U.S. is also to release key data on building permits and housing starts, leading indicators of growth in the construction sector.
Also Tuesday, Canada is to release official data on consumer price inflation, a leading indicator of economic growth.
Wednesday, September 22
The U.S. Department of Energy is to publish data on crude oil inventories. This data can be a big market mover for the loonie as the U.S. is a major importer of Canadian crude oil.
Meanwhile, Canada is to publish official data on retail sales, a leading indicator of consumer spending. The country is also to publish an index of leading economic indicators, designed to predict the future direction of the economy.
Thursday, September 23
The U.S. is to release key weekly data on initial jobless claims, a leading indicator of economic health, as well as data on existing home sales. The country is also due to publish an index of leading economic indicators, designed to predict the future direction of the economy.
Friday, September 24
The U.S. is to end the week by producing key data on durable goods orders, a leading indicator of manufacturing production. The country is also to produce data on new home sales, a leading indicator of growth in the housing sector.
Later in the day, Federal Reserve Chairman Ben Bernanke is expected to deliver a speech on the U.S. economy. His comments will be closely scrutinized for any clues to the future direction of monetary policy.
USD/CAD hit 1.0215 on Friday, the pair's lowest since September 14; the pair subsequently consolidated at 1.0327, by close of trade on Friday, edging down 0.03% on the week.
The pair is likely to find support at 1.0215, last Friday's low and resistance at 1.0373, the high of September 10.
On Friday, risk appetite waned after preliminary data showed consumer sentiment in the U.S. unexpectedly fell in September, to its lowest level since August 2009. Also Friday, Ireland's finance minister denied reports that Ireland would be forced to seek assistance from the International Monetary Fund.
Next week, the U.S. Federal Reserve is to announce its benchmark interest rate. The U.S. is also to release several reports on the housing sector as well as a weekly report on initial jobless claims.
The country is also to release key data on manufacturing production while Federal Reserve chairman Ben Bernanke is to speak at a public engagement.
Meanwhile, Canada is to publish official data on consumer price inflation and retail and wholesale sales. The country is also to release a key report on foreign investment, as well as an index of leading economic indicators.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect USD/CAD.
Monday, September 20
The U.S. is to begin the week by publishing industry data on home sales, a leading indicator of economic health.
Canada is to publish data on foreign securities purchases as well as data on wholesale sales, an important indicator of consumer spending.
Tuesday, September 21
The U.S. Federal Reserve is to announce its benchmark interest rate. The announcement will be followed by the release of the closely watched rate statement, which discusses economic outlook.
The U.S. is also to release key data on building permits and housing starts, leading indicators of growth in the construction sector.
Also Tuesday, Canada is to release official data on consumer price inflation, a leading indicator of economic growth.
Wednesday, September 22
The U.S. Department of Energy is to publish data on crude oil inventories. This data can be a big market mover for the loonie as the U.S. is a major importer of Canadian crude oil.
Meanwhile, Canada is to publish official data on retail sales, a leading indicator of consumer spending. The country is also to publish an index of leading economic indicators, designed to predict the future direction of the economy.
Thursday, September 23
The U.S. is to release key weekly data on initial jobless claims, a leading indicator of economic health, as well as data on existing home sales. The country is also due to publish an index of leading economic indicators, designed to predict the future direction of the economy.
Friday, September 24
The U.S. is to end the week by producing key data on durable goods orders, a leading indicator of manufacturing production. The country is also to produce data on new home sales, a leading indicator of growth in the housing sector.
Later in the day, Federal Reserve Chairman Ben Bernanke is expected to deliver a speech on the U.S. economy. His comments will be closely scrutinized for any clues to the future direction of monetary policy.