Not a lot going on in Canada in the next few days. Does this mean that oil prices will dictate its moves?
Lower-tier economic data
Like other major economies, Canada won’t be seeing much action in the next couple of days.
If you’d REALLY rather trade Canada’s data releases, though, then you might want to watch out for the housing starts and building permits today at 1:15 and 1:30 pm GMT respectively.
Housing starts is expected to climb to 194K in March after seeing a 173K figure in February. Day traders will also pay attention to the building permits report, which showed a 5.5% decline in February.
These reports might not dictate the Loonie’s price action for long, but they might be able to move the comdoll’s prices for a spell or even support an ongoing intraweek trend. That means you should still pay attention to these releases!
Oil price shenanigans
Crude oil shot up by around 1% last Friday when the U.S. NFP report alleviated fears of a global slowdown in oil demand.
Of course, it also didn’t hurt that the combo of OPEC supply cuts, U.S. sanctions on Venezuela and Iran, and military action in Libya toned down concerns over the oversupply of Black Crack.
Since Canada is pretty light on data this week, traders may take cues from oil price movements instead. Keep your eyes peeled for updates from Libya, which is seeing East Libyan strongman General Haftar moving his troops closer to Tripoli, the base of the rival UN-backed, internationally recognized government.
And then there’s the issue of the recent crude oil price increases. Are last week’s gains enough to inspire another bearish tweet from Trump? More importantly, how will OPEC and friends react to whatever the Donald has to say?
Missed last week’s price action? Read CAD’s price recap for April 1 – 5!