The Bank of Canada

Key events: Eurozone - Deposit Facility Rate (Apr) Eurozone - ECB Interest Rate Decision (Apr) USA - Initial Jobless Claims USA - PPI (MoM) (Mar) Eurozone - ECB Press Conference USA - 30-Year Bond Auction Wednesday witnessed a downturn in US stocks as hotter-than-anticipated inflation data dashed hopes of an early interest rate cut by the Federal Reserve, sending ripples of concern across the market.

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Key events:  Australia - Building Approvals USA - FOMC Member Harker Speaks The week concluded with the S&P 500 and Nasdaq achieving record closes, propelled by a decline in Treasury yields and a surge in chip stocks led by Nvidia. Tech sector quarterly results continue to reflect a growing demand for artificial intelligence.

Key events: Eurozone - CPI (YoY) (Feb) USA - S&P Global US Manufacturing PMI (Feb) USA -ISM Manufacturing PMI (Feb) USA -ISM Manufacturing Prices (Feb) On Thursday, the Nasdaq achieved a record high for the first time since 2021, propelled by the ongoing artificial intelligence-driven rally and optimism stemming from an inflation report that aligns with expectations for a potential summer interest rate cut.

Key events: USA - Average Hourly Earnings (MoM) (Nov) USA - Nonfarm Payrolls (Nov) USA - Unemployment Rate (Nov) USA - Michigan Consumer Sentiment   The Dow Jones Industrial Average appears poised to conclude its five-week streak of gains, as the index experienced a decline over the initial three sessions of the week. Despite a modest 0.2% uptick on Thursday, confidence in the DJIA's upward momentum remains tentative.

Key events: USA - ADP Nonfarm Employment Change (Nov) Canada - BoC Interest Rate Decision USA - Crude Oil Inventories US markets displayed a mixed performance, with the S&P500 exhibiting a volatile tone marked by a notable increase in losers compared to winners. This came amid the assessment of a stronger-than-expected November ISM Non-manufacturing survey. However, the mood was offset by a significant unexpected decline in October job openings, leading to another dip in 10-year Treasury yields.

Key events:   USA - Initial Jobless Claims   USA - Crude Oil Inventories On Wednesday, global stock indices faced a decline, while the benchmark US Treasury yield saw an increase, and the US dollar reached a six-month high. This was prompted by robust US services sector data, which suggested that inflation pressures are persisting.

Key events:   USA - S&P Global Services PMI (Aug)   USA - ISM Non-Manufacturing PMI (Aug)   USA - ISM Non-Manufacturing Prices (Aug) Canada - BoC Interest Rate Decision On Tuesday, Wall Street's primary stock indices closed in negative territory, with the Dow leading the decline. This was driven by rising Treasury yields and oil prices, while investors were assessing the Federal Reserve's future interest rate actions.

The USD/CAD currency pair represents the relationship between the US dollar and the Canadian dollar and is a favored choice among currency traders due to its active trading hours, volatility, and relatively tight spreads. In this article, we will explore the key trading characteristics of USD/CAD, including its trading time, volatility, and spread, as well as factors that affect the US to CAD exchange rate, such as macroeconomic indicators, monetary policy, commodity prices, market sentiment and risk appetite, and political and geopolitical factors.

Key events: USA - Initial Jobless Claims     Investor sentiment was mixed in the US stock market as market participants awaited the upcoming Federal Reserve meeting and new information regarding inflation. The Dow Jones Industrial Average edged up by 27 points or 0.1%, while the S&P 500 declined by 0.1%, and the NASDAQ Composite dropped by 0.5%.