8 Apr 2014
USD/CAD: The tide is slowly turning – UBS
FXStreet (Córdoba) - According to the UBS analyst team, the CAD is likely to benefiting from Canadian data as weather related weakness is slowly fading.
Key Quotes
"Last Friday, besides the US non-farm payrolls, also Canada reported labor market statistics and the IVEY PMI. In sum, Canada added 42900 new jobs in March, reducing the unemployment rate to 6.9% from 7.0%".
"The very volatile IVEY PMI jumped up to 61.8%. Looking at its three month moving average, it points higher now, being clearly in expansionary territory".
"Overall, it seems that the weather related weakness is slowly fading in Canadian data and the tide is slowly turning in favor of the CAD".
Key Quotes
"Last Friday, besides the US non-farm payrolls, also Canada reported labor market statistics and the IVEY PMI. In sum, Canada added 42900 new jobs in March, reducing the unemployment rate to 6.9% from 7.0%".
"The very volatile IVEY PMI jumped up to 61.8%. Looking at its three month moving average, it points higher now, being clearly in expansionary territory".
"Overall, it seems that the weather related weakness is slowly fading in Canadian data and the tide is slowly turning in favor of the CAD".