Partner Center
Find a Broker
The Loonie was set to dominate this week on a weaker U.S. dollar and positive CPI data, but the weak Canadian retail sales number brought Loonie pairs back down for a modest gains on the week.
Headlines and Economic data
Monday:
Tuesday:
- Canadian manufacturing sales declined 0.6% to $57.8B in April, following a 2.6% increase in March
- The number of job vacancies in the first quarter was 506,000, up 44,000 (+9.6%) from the first quarter of 2018
- Oil and Loonie pairs began their rallies for the week during the morning U.S. session, possibly on growing positive global risk sentiment. This was likely sparked by more central bank stimulus speculation after ECB President Mario Draghi hints on the possibility of monetary policy easing during the morning London session.
Wednesday:
- Canadian Inflation Surges As Core Rate Hits Highest Since 2012 – after a brief rally ahead of the data release, Loonie pairs fell back on the news as a “buy-the-rumor, sell-the-news” scenario played out.
- Loonie pairs see buying support in the afternoon U.S. trading session after a dovish FOMC monetary policy statement sinks the Greenback, lifting the major counter currencies and oil prices on the session.
Thursday:
- ADP Canada National Employment Report: Employment in Canada Decreased by 16,000 Jobs in May 2019 – a short-term shift to negative sentiment after this report which was a big disappointment after the big positive surprises recently in the government numbers.
Friday:
- Oil jumps 5% on Iran tension, potential U.S. fed rate cut – this arguably helped stabilized Loonie pairs after the fall ignited by the disappointing ADP employment numbers.
- Autos Nudge Canadian Retail Sales Higher in April – the 0.1% growth in April was a big disappointment given the expectations of 0.2% and the upwardly revised 1.3% read in March. Loonie pairs sink in unison into the weekend.