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With a very light economic calendar from Canada, it was oil prices and counter currency flows that lead CAD to a mixed but net positive week.

Overlay of CAD Pairs: 1-Hour Forex Chart
Overlay of CAD Pairs: 1-Hour Forex Chart

Canadian Headlines and Economic data

Tuesday:

Wednesday:

  • Oil rallies on the session, ahead of the EIA crude oil inventories and after the event as there was a big drawdown to lift oil prices higher. This is likely the catalyst for CAD’s move higher despite a lack of direct influences from Canada.
Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart
Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart

Thursday:

Friday: