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Last week’s trading was a mixed bag of beans for both Loonie bulls and bears. Can we see a common direction for Loonie pairs this week?

Here are economic catalysts you should keep an eye on:

Mid-tier reports

  • Wholesale sales (Feb 24, 1:30 pm GMT) to improve from -1.2% to 0.5% in December
  • Current account deficit (Feb 27, 1:30 pm GMT) is expected to narrow down from 9.9B CAD to 8.9B CAD in Q4 2019
  • Monthly GDP (Feb 28, 1:30 pm GMT) could maintain its 0.1% growth. Growth is also expected to dip from 1.3% to 0.2% from a year ago in Q4 2019

Market risk sentiment

  • The Coronavirus outbreak and its potential impact on corporate earnings and global economy will continue to affect demand for high-yielding currencies like the Loonie
  • Top-tier reports like the U.S.’ second GDP reading and China’s first PMI releases since the Coronavirus outbreak can also affect overall risk appetite

Technical snapshot

  • RSI, Williams %R, and Keltner Channels all consider CAD as “overbought” against NZD and AUD on the daily time frame

  • CAD has been most volatile against GBP, JPY, NZD, and CHF in the last 30 days