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The Loonie danced to the tune of countercurrency beats last week.

Will this week’s CPI and retail sales releases inspire trends for comdoll bulls and bears?

Check out what market playas are expecting from the top-tier releases!

Inflation numbers (Dec 16, 1:30 pm GMT)

  • Annual prices shot up by 0.7% in October, better than the expected 0.4% uptick and September’s 0.5% reading
  • Monthly prices also inched 0.4% higher after dipping by 0.1% in August and September
  • CAD shot up across the board at the upside surprise
  • Analysts see annual prices rising by 0.8% in November
  • Core inflation could remain at 1.0%
  • Monthly CPI could slow down to 0.3%

Retail sales (Dec 18, 1:30 pm GMT)

  • Retail trading rose by 1.1% in September, better than the 0.2% expected increase and marked the fifth consecutive monthly rise for the report
  • CAD still dropped against its counterparts on a round of profit-taking ahead of the weekend
  • Markets see retail sales slowing down to 0.7% in October
  • Core retail sales to slip from 1.0% to 0.6%?
  • Annual retail activity to speed up from 4.6% to 5.0%

Crude oil price trends

  • More vaccine rollout updates will extend the Black Crack’s price recovery
  • Eyes will be on the Joint Ministerial Monitoring Meeting later this week to gauge if we’ll see more output increases next year
  • Hints of fewer production restrictions could limit crude oil’s rally and the Loonie’s gains

Technical snapshot

  • Stochastic considers the Loonie “oversold” against the Aussie
  • CAD may be “overbought” against JPY, USD, and EUR
  • CAD/CHF remains in the neutral zone on the daily time frame
CAD Forex Pairs Stochastic from MarketMilk
CAD Forex Pairs Stochastic from MarketMilk
  • EMAs are showing the Loonie’s short and long-term bearish trends against the Aussie and Kiwi
  • CAD remains in short and long-term bullish trends against GBP, JPY, and USD
  • The Loonie may soon see longer-term bullish trends against CHF and EUR
CAD Forex Pairs EMAs from MarketMilk
CAD Forex Pairs EMAs from MarketMilk
  • CAD saw the most volatility against GBP, AUD, NZD, and JPY 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 Dec. 7 – 11!