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A busy week translated to mixed performance for the Loonie.

Can bulls and bears agree on one direction this week?

Here are the potential catalysts that you need to watch out for!

Housing starts (June 8, 12:15 pm GMT)

Crude oil prices

Countercurrency flows

  • Pandemic-related updates will continue to affect the demand for high-yielding comdolls like the Loonie
  • U.S.-China tensions can also influence risk-taking if we see inflammatory rhetoric from either side
  • The Fed’s statement on Wednesday can cause mid-week retracements if Powell hints at unexpected policy responses

Technical snapshot

  • RSI considers CAD “overbought” against the yen and the dollar
  • CAD may be “oversold” against the Aussie and Kiwi on the daily time frame
CAD Forex Pairs RSI from MarketMilk
CAD Forex Pairs RSI from MarketMilk
  • The Loonie is still decidedly bullish against JPY, GBP, and USD
  • CAD is on short and long-term bearish trends against AUD and NZD
  • We could see retracements or reversals on CAD/CHF and EUR/CAD
USD Forex Pairs SMAs from MarketMilk
USD Forex Pairs SMAs from MarketMilk
  • CAD was most volatile against JPY, AUD, NZD, and CHF in the last seven days
USD Forex Pairs Volatility from MarketMilk
USD Forex Pairs Volatility from MarketMilk

Missed last week’s price action? Read CAD’s price recap for June 1 – 5!