Despite the dovish language coming out of the Bank of
At the same time, the economic docket is also expected to show the Canadian economy adding another 20.0K jobs in April, and the ongoing improvement in the labor market may continue to limit the downside risk for the Canadian dollar as it undermines the BoC's scope to provide additional monetary support.
With that said, a material shift in the BoC's policy outlook may curb the bullish forecast for the USD/CAD as the Federal Open Market Committee (FOMC) remains reluctant to move away from its highly accommodative policy stance.
CAD Unemployment Rate (APR) (
The Canadian Dollar has gained strength over the past few weeks despite a massive breakout move to the upside at the start of the year. Although data in the fourth quarter of 2013 and early 2014 continued to disappoint market expectations, recent data has actually proved in line or above economists' surveys.
In addition to USDollar weakness across the board, better data has halted a multi-year breakout on USD/CAD and the pair has remained in a range over the past few months. As with the
For one, the median home price to median wage in
A disconcerting trend as of late has been inventory levels of home furnishing goods held by wholesalers. We've seen this figure spike as of late and this small data print may be an indication of a slowing property market. Building Permits on