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Canada won’t be printing top-tier reports this week! Will it translate to less volatility for the Loonie?

Here are catalysts that can move the comdoll this week:

New housing price index (Nov 14, 1:30 pm GMT)

  • New housing prices went up by 0.1% in August, the first increase since July 2018
  • CAD was boosted to new intraday highs at the report’s release
  • Analysts see a 0.2% gain for the month of September

Governor Poloz’ speech (Nov 15, 2:45 pm GMT)

  • Bank of Canada (BOC) Governor Stephen Poloz will speak at the San Francisco Fed
  • Watch out for clues that BOC will follow its neighbors and ease its policies in the next few months

Market risk sentiment

  • Last week’s price action showed us that the comdoll is sensitive to updates about a U.S.-China trade deal. Can the U.S. remove some tariffs on Chinese products and get a “phase one” deal signed before the next round of tariffs kick in on December 15?
  • EIA’s crude oil inventories report (Nov 14, 4:00 pm GMT) can also extend or put a dent on CAD’s intraweek trends
  • China’s data dump (Nov 14, Asian session) will give clues on the impact of trade conflict with the U.S.
  • Powell’s testimonies on Wednesday and Thursday could yield clues on what the Fed is concerned about or is planning next. Watch for soundbites that can affect USD’s price action

Technical Snapshot

  • Stochastic is flagging CAD as “oversold” against USD and AUD on the daily time frame
CAD Stochastic from MarketMilk
CAD Stochastic from MarketMilk
  • CAD is on short-term bearish trends against USD, JPY, CHF, GBP, and NZD…
CAD Short Term Trend from MarketMilk
CAD Short Term Trend from MarketMilk
  • But only CAD/USD and CAD/NZD are “bullish but weakening” on the longer time frames. Watch the two pairs for bearish momentum that could lead to longer-term reversals!
CAD Long Term Trend from MarketMilk
CAD Long Term Trend from MarketMilk

Missed last week’s price action? Read CAD’s price recap for November 4 – 8!