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The Loonie was set for a bullish week on positive Canadian economic updates, but negative geopolitical news had Loonie pairs mixed and net down by the weekend.

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

Canadian Headlines and Economic data

Tuesday:

  • Oil Jumps On Bullish API Inventory Data – the Loonie shifts back into rally mode during the Tuesday session, and with a lack of catalysts from Canada or geopolitical updates, it’s likely the rally in oil was the main contributor to the move.

Wednesday:

Thursday:

Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart
Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart

Friday: