USD/CAD climbs above 1.3770s on overall US dollar strength, falling oil prices – by christianborjon USDCAD Majors Macroeconomics Fed BOC
covered some ground amid a risk-on impulse, as shown by US equities rising. At the time of writing, the USD/CAD is trading at 1.3774, up by 0.43%.Investors’ mood is upbeat, improving their appetite for risk-perceived assets. However, in the case of the USD/CAD, fallingkeep the loonie on the defensive vs. the greenback. Positive US Industrial Production in September, improving for the third consecutive month, underpinned the greenback.
The Federal Reserve reported that manufacturing production jumped 0.4% MoM, above 0.2% estimates by economists polled by Reuters. Regarding Capacity, Utilization ticked up 2 points, from 80% to 80.3%.
On the Canadian front, housing starts jumped 11% in September, its highest level in 10 months. The SAAR of housing starts rose by 299,589 units in the last month from an upwardly revised 270,397. Even though data is positive, the Bank of Canada BOS survey showed that companies upwardly revised their inflation expectations in Q3, though long-term inflation remains anchored to the BoC’s target..
We think this report supports a 50bp move in October, but recent BoC rhetoric very clearly suggests a 75bp move is in play
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