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The Loonie turns in a strong week after a shift to positive in the geopolitical landscape turns traders towards risk assets, including a pop in oil prices.

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

Canadian Headlines and Economic data

Monday:

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

Tuesday:

    • OPEC+ Boasts 159% Compliance With Oil Production Cuts – this was possibly the catalyst for the strong move higher in oil prices on Tuesday (as seen above). An argument can also be made that traders were betting the upcoming EIA data would should tighter supply. This was no help for the Loonie as it traded lower with the equity markets on global recession fears.

Wednesday:

Thursday:

Friday: