Partner Center Find a Broker

There aren’t a lot of data releases scheduled in Canada, so traders will likely focus on the monthly GDP and BOC members’ speeches.

Looking to trade the comdoll this week?

Here are the important points you should pay attention to:

Monthly GDP (Aug 28, 12:30 pm GMT)

Bank of Canada (BOC) members’ speeches

  • BOC Deputy Governor Lawrence Schembri (Aug 25, 5:30 pm GMT) will talk about “Understanding the gap: the difference between perceived and measured inflation”
  • BOC Senior Deputy Governor Carolyn Wilkins (Aug 26, 2:00 pm GMT) will deliver the opening remarks at the BOC’s Monetary Policy Framework Workshop
  • BOC Governor Tiff Macklem (Aug 27, 3:15 pm GMT) will participate in a (virtual) panel discussion in this week’s Jackson Hole meetings

Crude oil demand

  • CAD reacts to crude oil prices because the Black Crack is one of Canada’s biggest exports
  • Rising coronavirus cases and their impact on lockdown measures will give clues on global oil demand trends
  • The Jackson Hole speakers could reveal common monetary policy trends in the foreseeable future (read: this year)
  • Stimulus negotiations in the U.S. and the headline-worthy announcements by the POTUS during the GOP convention can also influence overall demand for high-yielding bets like the Loonie

Technical snapshot

  • CAD has reached “overbought” Stochastic levels against GBP, NZD, AUD, EUR, and USD on the daily time frame
  • CAD/JPY and CAD/CHF are not too far behind
CAD Forex Pairs Stochastic from MarketMilk
CAD Forex Pairs Stochastic from MarketMilk
CAD Forex Pairs SMA from MarketMilk
CAD Forex Pairs SMA from MarketMilk
  • CAD saw the most volatility against GBP, NZD, CHF, and AUD 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 17 – 21!