Market Analysis

Forexmart's Market Analysis section provides up-to-date information about the financial market. The overviews are intended to give you an insight into current trends, financial forecasts, global economic reports, and political news that influence the market.

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October 15, 2020 10:44 am

USD/CAD. October 15, 2020 – Dollar hits 1.32 amid spread of second wave of coronavirus

On Thursday, the USD/CAD pair continues to trade near local highs just above the 1.3200 level. The US dollar is gaining support amid rising market concerns about the spread of the second wave of coronavirus worldwide.

In addition, investors drew attention to the suspension of trials of the Covid-19 vaccine by two US pharmaceutical companies due to the appearance of side effects.

Today the macroeconomic calendar is almost empty. Only data on the US labor market from ADP and speeches by members of the Board of the Bank of Canada and its head Tim Lane can attract attention.

The United States will provide data on applications for unemployment benefits: it is expected that the number of initial applications can grow from 840 thousand to 845 thousand, and the number of repeated applications should decrease from 10 976 thousand to 10 500 thousand. This means that the duration of unemployment in the United States continues to decline, which is currently the most important factor for the growth of the dollar.

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