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Canada may only have one or two reports scheduled but you can bet pips that Loonie traders will be watching them!

Here’s a list of potential Loonie movers to keep your eyes on:

Labor market reports (Nov 6, 1:30 pm GMT)

  • Canada added a net of 378K jobs in September, bringing employment to within 720,000 (-3.7%) of its pre-COVID February level
  • The unemployment rate dipped from 10.2% to 9.0% for the month
  • CAD jumped against USD but still fell against its other counterparts as the U.S. printed a notable high in coronavirus cases and Mitch McConnell hinted that a stimulus package is unlikely “in the next three weeks”
  • Analysts see a net addition of 70K jobs in October
  • The unemployment rate could further dip to 8.9%
  • The IVEY PMI, usually considered a leading indicator, won’t be printed until AFTER the government numbers are released but are expected to clock in at 54.0 (from 54.3)

Market risk sentiment

  • Lockdowns in the Eurozone dented global demand for crude oil and dented the oil-related Loonie last week
  • The outcome of the U.S. elections can influence overall risk appetite in the next couple of days
  • Rising coronavirus infections and lockdown prospects can also affect intraweek trends for high-yielding bets like the Loonie

Technical snapshot

  • CAD has gained significant ground against AUD in the last month
  • The Loonie has weakened the most against the safe-havens during the time period
CAD Forex Pairs Performance from MarketMilk
CAD Forex Pairs Performance from MarketMilk
  • Stochastic considers the Loonie “oversold” against the Kiwi and yen on the daily time frame
  • CAD could soon hit oversold status against GBP and USD
  • AUD/CAD and EUR/CAD remain in neutral territory…for now
CAD Forex Pairs Stochastic from MarketMilkCAD Forex Pairs Stochastic from MarketMilk
CAD Forex Pairs Stochastic from MarketMilk
  • The Loonie saw the most volatility against the safe-havens in the last seven days
CAD Forex Pairs Volatility from MarketMilk
CAD Forex Pairs Volatility from MarketMilk