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The BOC may not look like it’s about to make some changes, but market playas still have lots of factors to price in this week!

Wanna know all about them?

Check out the list below, yo!

BOC’s policy decision (Oct 28, 2:00 pm GMT)

  • The Bank of Canada (BOC) isn’t expected to make any policy changes thanks to improvements in business confidence, retail activity, inflation, and unemployment since last month
  • BOC will also publish a monetary policy report, which contains growth and inflation projections as well as what members think the economy’s risk factors are in the foreseeable future
  • BOC Governor Macklem will conduct a presser an hour or so after the event

Monthly GDP (Oct 30, 12:30 pm GMT)

  • Canada’s economy expanded by 3.0% in July after a 6.5% increase in June
  • Only retail trade and public administration pulled back during the month
  • The upside surprise helped push CAD higher during the day
  • Analysts see the economy growing by another 1.0% in August

Crude oil drivers

  • Traders will look at quarterly GDP reports from major economies like the U.S. and eurozone for clues on the pace of global economic recovery (and oil demand)
  • Pandemic-related (number of cases, lockdown, stimulus, vaccine) updates will continue to affect overall risk-taking and the demand for the Loonie
  • Closely watched themes such as the Brexit and U.S. stimulus negotiations and the U.S. Presidential elections can also inspire volatility among CAD pairs

Technical snapshot

  • Stochastic considers CAD/CHF as “oversold” on the daily time frame
  • CAD may soon hit “overbought” status against the dollar
  • CAD looks almost “oversold” against NZD
CAD Forex Pairs Stochastic from MarketMilk
CAD Forex Pairs Stochastic from MarketMilk
  • EMAs show the Loonie short and long-term bullish trends against the pound
  • CAD is also on a bullish run, but is seeing short-term bearish pressure
  • The Loonie remains on short and long-term bearish trends against NZD, JPY, CHF, and EUR
CAD Forex Pairs EMA from MarketMilk
CAD Forex Pairs EMA from MarketMilk
  • CAD was most volatile against GBP, NZD, JPY, and AUD in the last seven days
CAD Forex Pairs Volatility from MarketMilk
CAD Forex Pairs Volatility from MarketMilk