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No big data release? No problem! Check out the catalysts that might affect the Canadian dollar this week.
Lower-tier data releases
- Monthly GDP (Mar 31, 12:30 pm GMT) is expected to slow down from 0.3% to 0.1% in January
- Manufacturing PMI (Apr 1, 1:30 pm GMT) could pop up from 51.8 to 53.3 in March
- Trade balance (Apr 2, 12:30 pm GMT) is expected to show a 2.14B CAD deficit in February after lower motor vehicle sales (from the COVID outbreak) led to a deficit of 1.47B CAD in January
Crude oil prices
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- The combination of lower global demand and refusal of Saudi Arabia and Russia to curb production has dragged crude oil prices through the $20/barrel mark
- The decline in oil prices helped drag CAD lower against most of its counterparts last week
- Traders will look to price in news of potential demand trends and signs that major oil producers will be willing to cut production or exports
Market sentiment
- Policymakers and markets’ reaction to rising COVID-19 numbers will continue to affect risk taking in the markets
- Reports such as PMIs from the U.S., China, and the euro region as well as Uncle Sam’s NFP release can also affect demand for high-yielding bets like the comdolls
Technical snapshot
- CAD has only gained pips against AUD in the last month
- CAD has lost the most pips against CHF, EUR, and JPY in the last 30 days
- CAD is still on bearish trends against CHF, JPY, EUR, and GBP
- CAD is showing green shoots against AUD, NZD, and USD
- CAD has seen the most volatility against JPY, AUD, and NZD in the last 30 days
Missed last week’s price action? Read CAD’s price recap for March 23 – 27!
