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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
CAD Forex Pairs Stochastic from MarketMilk
CAD Forex Pairs Stochastic from MarketMilk
  • 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 Forex Pairs EMAs from MarketMilk
CAD Forex Pairs EMAs from MarketMilk
  • CAD was most volatile against its fellow comdolls and the dollar 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 August 3 – 7!