Investing.com - " The U.S. dollar ended the week lower against
the Canadian dollar on Friday as the Canadian dollar steadied after
falling to two-month lows earlier in the week.
USD/CAD ended Friday's session at 1.0423, 0.21% lower for the week,
after rising to 1.0496, the highest level since September 6 in
The pair is likely to find support at 1.0365, the low of October 24
and resistance at 1.0488, Thursday's high.
The Canadian dollar found support after data released on Thursday
showed that the economy expanded at a faster than expected rate in
Statistics Canada said gross domestic product expanded 0.3% in
August, above expectations for growth of 0.2%. Canada's economy
grew by 0.6% in July.
Canadian GDP grew 2% on a yearly basis, beating forecasts for an
increase of 1.7%, following annualized growth of 1.5% in July.
Investors remained focused on the monetary policy outlook after the
Bank of Canada shifted its policy, dropping language referring to
the need for future rate increases from its October rate statement.
Meanwhile, the Federal Reserve left its USD85 billion-a-month asset
purchase program in place following its monthly meeting on
The bank gave no clear indication whether it would start scaling
back stimulus at the December meeting or continue it into the start
"The housing sector has slowed somewhat in recent months," the Fed
statement said. However, Fed officials stuck to the view that the
economy is expanding "at a moderate pace" and said downside risks
Expectations that the Fed may start to scale back stimulus measures
as soon as next month received a boost on Friday following
unexpectedly strong U.S. manufacturing data for October.
The Institute of Supply Management said its manufacturing
purchasing managers' index rose to 56.4 in October, the highest
since April 2011, from 56.2 in September. Economists had expected
the index to tick down to 55.0.
On Friday the U.S. is to release the nonfarm payrolls report for
October, which will help assess expectations for a possible
reduction in Fed stimulus.
Data released on Wednesday showed that the U.S. private sector
added fewer jobs than expected in October. Payroll processing firm
ADP said non-farm private employment rose by a seasonally adjusted
130,000 in October, below expectations for an increase of 150,000.
The U.S. is also to release preliminary data on third quarter
Ahead of the coming week, Investing.com has compiled a list of
these and other significant events likely to affect the markets.
Monday, November 4
The U.S. is to release data on factory orders, a leading indicator
Tuesday, November 5
Canada is to release a report on the trade balance, the difference
in value between imports and exports.
In the U.S., the ISM is to release a report on service sector
Wednesday, November 6
Canada is to publish data on building permits and the Ivey
purchasing managers' index.
Thursday, November 7
The U.S. is to publish a preliminary estimate of third quarter
gross domestic product, the broadest indicator of economic activity
and the leading indicator of economic growth. Meanwhile, the Labor
Department is to release its weekly report on initial jobless
Friday, November 8
Canada is to release data on the change in the number of people
employed and the unemployment rate.
The University of Michigan is to release the preliminary reading of
its consumer sentiment index. The U.S. is to round up the week with
the closely watched government data on nonfarm payrolls and the
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