USD/CAD Poised to Resume Downtrend Ahead of Non-Farm Payrolls Report

According to the economists at Bank of America Merrill Lynch, USD/CAD will resume a downtrend against the US Dollar before the non-farm payrolls report is released. This downtrend will reverse once the employment figures are released.

The economic outlook for the global economy is still very uncertain. Most of the major economies are experiencing large fiscal deficits and the global trade deficit is on the rise. Therefore, the Federal Reserve is likely to raise interest rates before the end of this year.

The US economic data was revised down and many analysts are predicting a recession. However, the recent drop in oil prices has been offset by cheaper fuel which should help to offset the impact of the decline in the consumer spending. Therefore, the economic data for this quarter and the following quarters will likely remain on the downward trend. There will be some recovery in the third quarter of this year.

When you compare the USD/CAD to the EUR/USD and the GBP/USD, it seems that CAD is actually the cheaper option in comparison with the other currencies. As far as the US Dollar and the Japanese Yen are concerned, they are very similar to one another. The Euro is slightly more expensive than the Dollar when it comes to purchasing power.

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