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Canada won’t be printing any potentially market-moving economic reports this week, so the Loonie will likely take its cues from crude oil and risk sentiment moves.

Still planning on trading the comdoll?

Here are key points you should pay attention to:

Lower tier economic releases

  • Though these reports won’t affect CAD’s prices for long, they can help amplify existing catalysts for CAD’s intraweek trends
  • New housing price index (Sept 21, 12:30 pm GMT) to slow down from 0.4% to 0.2% in August though annualized growth could improve from 1.7% to 1.9%
  • The budget deficit is expected to narrow down from 33.6B CAD to 31.0B CAD in July

Overall risk sentiment

  • A lack of negative headlines from Canada could push CAD enough to catch up to AUD and NZD’s gains from the previous week
  • PMI releases from around the world could influence the demand for high-yielding bets like the Loonie
  • Pandemic-related headlines (rising cases, vaccine, lockdown, stimulus) will continue to affect CAD’s intraweek trends
  • International issues such as Brexit, U.S.-China trade tensions, EU’s comments on Russia and China, and the U.S. elections can also move the major CAD pairs

Technical snapshot

  • CAD lost the most value against JPY, NZD, and GBP in the last seven days
CAD Forex Pairs Performance from MarketMilk
CAD Forex Pairs Performance from MarketMilk
  • EMAs reflect CAD’s short and long-term bearish trends against JPY, AUD, NZD, and EUR
  • The Loonie remains bullish against the dollar on the daily time frame
  • CAD is seeing short-term bearish pressure against GBP and short-term bullish momentum against CHF
CAD Forex Pairs EMAs from MarketMilk
CAD Forex Pairs EMAs from MarketMilk
  • CAD saw the most volatility against GBP, JPY, AUD, and NZD 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 14 – 18!