Price has been capped under 1.28 for 5 weeks. Range bound between 1.2800 - 1.2300. Looking for to break for upside of 1.30.
Poloz (Bank of Canada) last statement.
To Summarize :
wants to see how the economy responds to the last rate cut and oil prices.
They believe January rate cut gives greater confidence of reaching full capacity and stable by the end of 2016
The only dovish statement is :
"We are in an uncertain setting"
Canada Ivey Purchasing is improving (50.80) vs (42.60 - previous).
We are looking for unemployment rate data from CAD drive this trade in the short term. Positive surprise - downside trade. Negative data - upside trade.
Oil prices could have an effect on the job market in Canada.
Poor numbers could elude to this.
Change in employment: is expected at -5K, vs +35.4K previous
Unemployment rate is expected to rise 6.7% vs 6.6% previous