Canada won’t be printing top-tier reports this week, so traders will likely take cues from other market themes.
Which catalysts should you watch out for?
I’ve got a list right here!
Lower tier releases
- Housing starts (Aug 10, 12:15 pm GMT) to accelerate from 221.7K to 220K in July
- New motor vehicle sales (Aug 14, 12:30 pm GMT) seen to improve from 109K to 116K
- Manufacturing sales (Aug 14, 12:30 pm GMT) to wind down from 10.7% to 3.0%?
Market risk sentiment
- Top-tier releases from other major economies can influence the Loonie to trade on its counter currencies’ price movements
- Pandemic updates (number of cases, vaccine, stimulus, lockdown prospects, economic outlook) will continue to affect sentiment for the high-yielding Loonie
- Economic and geopolitical tensions between the U.S. and China or the U.S. and Canada can also affect CAD’s intraweek trends
Technical snapshot
- CAD is approaching “overbought” status against NZD
- CAD remains neutral against AUD on the daily time frame
- Daily EMAs are highlighting the Loonie’s short and long-term bearish trends against the pound, franc, euro, and Aussie
- CAD remains bullish against USD
- Watch out for retracement or reversal opportunities on GBP/JPY
- CAD was most volatile against its fellow comdolls and the dollar in the last seven days
Missed last week’s price action? Read CAD’s price recap for August 3 – 7!
