Sticky Registration Sticky Customer Support

Weekly Currency Update

Get access to our expert weekly market analysis and discover and track your currency pair using our exchange rate tools.

Inflation numbers in the US and Canada likely to undermine Fed’s patient approach and speed up rate hikes in Canada.

Inflation numbers in the US and Canada likely to undermine Fed’s patient approach and speed up rate hikes in Canada.

US & Canadian Dollar Weekly Commentaries

  • Though the North American economy seems to be recovering; there were some holes in last week’s US and Canadian jobs reports, but the details were mainly solid. In the U.S., significant upward revisions to September's U.S. NFP accompanied by better-than-expected headline gain of 531k amid strong private sector, wage increases, and a drop in unemployment propelled the greenback higher. The only thorn in the ointment was probably low labor force participation.
  • The headline job growth in Canada was disappointing, but it was the fifth straight monthly increase, and full-time positions increased by 36,000. Wages increased by 2.1 percent. Furthermore, the labor market is making significant progress toward the goals that Governor Macklem stated in July would represent a fuller recovery in the economy (500k more jobs and a return of Total Hours Worked to pre-pandemic levels); jobs have increased by just over 400k since then, and Total Hours Worked have recovered to 99.5 percent of the level in February 2020. The Canadian jobs numbers back up the idea of quicker rate hikes in Canada, as suggested by the Bank of Canada last week. Since the jobs data, USD/CAD gains have been contained in the upper 1.24s; crude oil prices have fallen a little and spreads against the CAD have narrowed slightly, but trends remain broadly favorable of the CAD. Based on various fair value models, the CAD is still considerably undervalued with most suggesting that the USD/CAD should be trading closer to 1.2200/50.

The week ahead:

  • On the data front, the week ahead is light. There are no Canadian data releases scheduled, and no speakers from the Bank of Canada are scheduled. However, due to the Federal holiday on Thursday, inflation statistics (PPI and CPI) and weekly claims figures will be released on Wednesday.
  • In the U.S. a few Fed policymakers are giving speeches, but not all of them are on the economy or the policy outlook. On Friday, the U.S will release CPI and PPI data which is forecast to jump to 5.8%, the highest level since the 1990s, further undermining the Fed's "patient" approach to rate hikes. The USD/CAD trading range for the week is 1.2385 – 1.2630.

Currency Chart

Get access to our market experts and sign up to receive the latest updates on any currency with our real-time exchange rate reports.

Sign up to receive the latest market news from our experts.

Daily Currency Updates
Daily Market Analysis
Get daily intelligence and currency reports directly to your inbox.
Weekly FX Technical Analysis
Weekly Technical Analysis
Get our weekly technical analysis providing valuable insights.
Monthly Currency Outlook
Monthly Currency Outlook
Receive our monthly currency report and help improve your forecasts.

By entering your email address you agree to the MTFX Terms Of Use and MTFX Privacy Policy and agree and agree to receive sales and marketing communications. Unsubscribe at anytime.


Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into. Personal clients usually use our services to transfer money between their own accounts in two different countries. Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands. We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world. Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.