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)
- Wholesale sales gained 0.9% in December after dropping by 1.1% in November
- CAD made new intraday highs at the release of the report
- Market players see a 0.2% drop in January
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!
