Partner Center Find a Broker

Loonie bulls made pips rain last week despite lower oil prices. Can they extend their gains this week?

Housing starts and building permits

  • Housing starts (Feb 10, 1:15 pm GMT) could improve from 197.3K to 202.5K in January
  • Building permits (Feb 10, 1:30 pm GMT) is seen at 1.0% (from -2.4%) in December

Poloz’ speech (Feb 13, 12:15 am GMT)

  • Bank of Canada (BOC) Governor Poloz will participate in a panel discussion in Melbourne
  • In BOC’s last statement, Poloz opened the door to a rate cut if economic slowdown persists
  • Poloz ends his term in June

Market risk sentiment

Technical snapshot

  • Stochastic flags CAD as “overbought” against NZD and “oversold” against USD

  • CAD/JPY and GBP/CAD are “bullish but weakening” with the long-term SMAs and “bearish” against shorter-term SMAs on the daily. Watch out for retracement or reversal opportunities

Missed last week’s price action? Read CAD’s price recap for February 3 – 7!