Partner Center
Find a Broker
Canadian dollars bulls were likely happy campers this week as the Loonie was a net winner, most likely thanks to positive vibes in global risk sentiment.
Canadian Headlines and Economic data
Monday:
Tuesday:
Wednesday:
- Trader’s seemed to be in risk taking mode earlier in the week, likely on positive U.S.-China trade headlines (China to raise penalties on IP theft in trade war compromise and China and U.S. ‘very close’ to phase one trade deal). This was probably the reason why we saw some lift to the Loonie through Wednesday, which was also likely why oil prices rallied as well. We eventually did see some pullback, likely on news that China’s industrial profits posted steepest fall in eight months, dampening optimism in the global economy’s recovery.
Thursday:
Friday:
- Canada Real gross domestic product (GDP) grew 0.3%, following a 0.9% increase in the second quarter
- The IPPI edged up by 0.1% in October. The IPPI excluding energy and petroleum products edged down by 0.1%.
- The RMPI was down by 1.9% in October. The RMPI excluding crude energy products increased by 0.8%.
- Global risk sentiment fell to negative to close out the week after China threatens to take ‘strong counter-measures’ against US after Hong Kong bill signings. Not really a big hit to the Loonie, but oil dropped like a rock, as seen in the one hour chart of CAD vs. Oil below
