Canada’s data cupboard looks relatively empty this week! So, which catalysts can affect the Loonie’s price action?
Wholesale sales (Sept 23, 1:30 pm GMT)
The only data scheduled this week is Canada’s wholesale sales for the month of July.
The report clocked in a 0.6% increase in June, which was much better than the 1.9% decline that we saw in May and the 0.2% slip that analysts had expected. A closer look revealed that four out of seven sectors had shown improvements.
This week, market players see the report stagnating in July. The better-than-expected report only caused a brief rally for the comdoll last month, so it’s possible that Loonie traders could still look to bigger market themes for direction during the trading session of the release.
Overall risk appetite
A light data calendar won’t necessarily mean boring price action in the next couple of days!
Saudi Arabia will make headlines this week, as the oil giant is set on persuading friends in the U.N. General Assembly to act against Iran for allegedly attacking its oil facilities earlier this month.
If Saudi successfully sells its plan to its peers, or if Iran takes a more aggressive against Saudi’s accusations, then we could see oil prices.
Loonie traders would then have to decide if they want to trade the Loonie as a low-key proxy to oil prices or as a high-yielding comdoll that’s sensitive to risk appetite.