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Canada isn’t printing top-tier reports this week, which means the Loonie’s price action may take its cues from market sentiment and oil price movements.

Looking to trade the comdoll this week?

Here are the potential catalysts you need to know about:

Inflation and retail sales

  • Headline CPI (Sept 16, 12:30 pm GMT) is expected to tick 0.1% higher after 0.1% decline in July
  • Core inflation could slip from 0.7% to 0.6% in August
  • Headline retail sales (Sept 18, 12:30 pm GMT) to slow down from 23.7% to 0.7% in July
  • Core retail sales to decelerate sharply from 15.7% to 0.6%
  • Wholesale sales seen at 2.5% after 18.5% growth in June

Oil price movements

  • On Thursday the Organization of Petroleum Exporting Countries (OPEC) gang will meet to see if they can continue to ease the production cuts amidst uncertain demand growth
  • The second wave of viral infections across the globe is threatening the demand for crude oil
  • If OPEC members continue to ease production cut, or if they share a bearish view of global demand growth, then we could see crude oil prices (and the oil-related Loonie) take hits across the board

Technical snapshot

  • Stochastic has flagged CAD’s “overbought” conditions against GBP
  • CAD/CHF may be “oversold” on the daily time frame
CAD Forex Pairs Stochastic from MarketMilk
CAD Forex Pairs Stochastic from MarketMilk
  • Daily EMAs point to CAD seeing short and long-term bearish trends against CHF, EUR, NZD, and AUD
  • CAD remains bullish against GBP and USD
  • Watch out for retracement or reversal opportunities on CAD/JPY
CAD Forex Pairs EMAs from MarketMilk
CAD Forex Pairs EMAs from MarketMilk
  • CAD was most volatile against GBP, JPY, USD, and CHF 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 September 7 – 11!