The Canadian dollar had a busy week, and posted gains of 100 points. USD/CAD closed the week at 1.3163. This week’s key events are Trade Balance and Employment Change. Here is an outlook on the major market-movers and an updated technical analysis for USD/CAD.

USD/CAD posted strong volatility on Wednesday, with the Canadian dollar moving higher prior to the Federal Reserve announcement but dropped sharply afterwards after the surprise hawkish statement from the Fed. The Canadian dollar posted gains on Friday, as Canadian GDP met expectations in the August report, with a gain of 0.1%. In the US, workers wages were up sharply in Q3, as the Employment Cost Index posted a gain of 0.6%. UoM Consumer Sentiment improved to 90 points, within expectations.

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