Can the Loonie pull a glow up from last week’s carnage? Here are potential catalysts you should watch!
Lower-tier market releases
- Housing starts (Mar 9, 12:15 pm GMT) is expected to fall from 213.2K to 205K in February
- Building permits (Mar 9, 12:30 pm GMT) to slow down from 7.4% to 2.3%?
- Capacity utilization rate (Mar 11, 12:30 pm GMT) could weaken from 81.7% to 80.8% in Q4 2019
Crude oil price war?
- With OPEC+ failing to agree on another output cut deal (the current one ends at the end of March), big producers like Saudi and Russia can technically make crude oil rain in the markets
- The weak global demand could result in a “price war” among producers (like Canada) which could drag crude oil to $20
Market risk appetite
- Concerns over the COVID19 outbreak and its economic impact on different sectors can affect demand for the high-yielding CAD
- Other market events, such as ECB’s decision, Orr’s speech, and U.S. and China’s CPI and PPI data might also inspire volatility for the major CAD pairs
- RSI is identifying CAD as “oversold” against CHF, JPY, EUR, GBP, and USD on the daily time frame
- CAD has been most volatile against JPY, CHF, NZD, and EUR in the last 30 days
Missed last week’s price action? Read CAD’s price recap for March 2 – 6!