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
- Stochastic is flagging CAD as “oversold” against USD and AUD on the daily time frame
- CAD is on short-term bearish trends against USD, JPY, CHF, GBP, and NZD…
- 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!
Missed last week’s price action? Read CAD’s price recap for November 4 – 8!