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The Loonie traded with mixed results last week. Will it see one-directional price action with this week’s potential catalysts?

Wholesale sales (Mar 12, 12:30 pm GMT)

Overall market sentiment

  • Price movements of crude oil – one of Canada’s major exports – may affect demand for CAD
  • Keep close tabs on USD’s broad strength, which could extend this week unless there are changes to overall market themes
  • Watch out for other major COVID-19 updates and how policymakers react to its economic impact
  • Closely watched economic releases, like Markit’s PMIs and BOE’s policy announcement can also inspire volatility during their releases

Technical snapshot

  • RSI considers CAD “overbought” against AUD
  • RSI is flagging CAD’s “oversold” conditions against USD

  • CAD has been most volatile against AUD, NZD, and JPY in the last seven days

  • CAD is still on a bullish path against AUD, GBP, and NZD on the daily time frame
  • Short and long-term daily EMAs point to CAD being bearish against CHF, JPY, EUR, and USD

Missed last week’s price action? Read CAD’s price recap for March 16 – 20!