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Another week, another chance to trade the Loonie!

Where do you think the comdoll is headed this week?

Check out the potential catalysts coming your way in the next few days:

Lower-tier releases (Jul 31, 12:30 pm GMT)

  • GDP seen gaining 3.0% in May vs. 11.6% dip in April
  • Monthly PPI could gain by another 0.5% after 1.2% uptick
  • Annual PPI seen at -3.0% vs. -4.9% in May
  • Budget deficit expected to sink to 16B CAD from 14.79B CAD in April

Market risk sentiment

  • As seen in last week’s price action, tensions between the U.S. and China can affect the demand for high-yielding currencies like the Loonie
  • Coronavirus-related updates (cases, stimulus, vaccine) will continue to affect CAD’s intraweek trends
  • Earnings reports from the U.S. can also influence risk appetite in the markets
  • This week’s FOMC statement will give clues on the central banks’ outlook and policy responses

Technical snapshot

  • Stochastic considers the Loonie “overbought” against the U.S. dollar
  • CAD may be “oversold” against the euro and franc on the daily time frame
  • The Loonie is also almost oversold against the pound
CAD Forex Pairs Stochastic from MarketMilk
CAD Forex Pairs Stochastic from MarketMilk
  • Short and long-term EMAs show the Loonie’s bullish trend against the dollar
  • CAD is on short and long-term bearish trends against the rest of its major counterparts
CAD Forex Pairs EMAs from MarketMilk
CAD Forex Pairs EMAs from MarketMilk
  • CAD saw the most volatility against the yen and its fellow comdolls in the last seven days
CAD Forex Pairs Volatility from MarketMilk
CAD Forex Pairs Volatility from MarketMilk

Missed last week’s price action? Read CAD’s price recap for July 20 – 24!