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A very mixed but net negative week for the Loonie as counter currency influences was the main driver of price action. Traders had to battle between positive risk sentiment influences from Brexit headlines and U.S.-China trade headlines, with very little influences from Canada on the week. And oil prices were never able to recover from an early week drop, despite the positive sentiment shift going into the weekend.

Overlay of CAD Pairs: 1-Hour Forex Chart
Overlay of CAD Pairs: 1-Hour Forex Chart
One week CAD Performance Table from MarketMilk
One week CAD Performance Table from MarketMilk

Canadian Headlines and Economic data

Monday:

  • No Canadian catalysts to start the week, so it’s likely the risk-off global sentiment was likely what had mixed to start the week, under performing the low-yielding majors while up against the comdolls. The risk aversion vibes was likely on a combination of weak economic data from China (imports and exports fell more than expected in September) and doubts began to rise on the recent ‘phase 1’ trade agreement between the U.S. and China after China says it wants more talks before signing trade deal with Trump. This was also a big drag on oil prices, which fell on the session and stayed low for the following sessions:
Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart
Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart

Tuesday:

Wednesday:

Thursday:

Friday: