August 06, 2007

Canadian Dollar Looks to Recovery on Spot Forex Market

Spread bets, CFDs and spot forex trading on the Canadian dollar

The Canadian dollar is looking better on the spot forex market as signs of a weakening U.S. economy help bolster the loonie. Spread bets, CFDs and spot forex trading on the Canadian dollar should take into account the fact that commodities are expected to recover, and that U.S. economic data is looking weaker. These are items that could lend strength to the Canadian dollar. Reuters reports on the Canadian dollar on the spot forex market:

"We haven't seen a huge move, but that's because the number was not hugely off consensus," said Doug Porter, deputy chief economist at BMO Capital Markets.
"But I do think on balance, it is a somewhat softer report and will probably give the Canadian dollar a lift."

Syndication

•	US trade balance due out US trade balance due out at 8:30am EST, expected to be -$66.7billion
•	US initial jobless claims US initial jobless claims due out at 8:30am EST, expected to be 311k
•	US non farm payrolls due US non farm payrolls due out at 8:30am est, expected to be 120k
•	US initial jobless claims US initial jobless claims due out at 8:30am EST, expected to be 315k
•	ECB announces interest ra ECB announces interest rates at 7:45am EST, expected to raise .25bps to 3.25%
•	BOE announces interest ra BOE announces interest rates at 7:00am EST, expected to be 4.75%
•	US Ifactory orders due ou US Ifactory orders due out at 10:00am EST, expected to be -.2%
•	US ADP change in employme US ADP change in employment due out at 8:15am EST, expected to be 115k
•	US construction spending US construction spending due out at 10:00am EST, expected to be -.4%
•	University of Michigan co University of Michigan confidence index due out at 9:45am EST, expected to be 85