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Fading geopolitical fears and weak-than-expected Canadian updates were likely the themes behind the Loonie’s mixed but net negative performance this week.

Overlay of CAD Pairs: 1-Hour Forex Chart
Overlay of CAD Pairs: 1-Hour Forex Chart
CAD Weekly Performance from MarketMilk
CAD Weekly Performance from MarketMilk

Canada Headlines and Economic data

Monday:

Tuesday:

Wednesday:

  • No major catalysts from Canada on the session, but the markets were moving on geopolitical news after Iran fired missiles at U.S. bases in Iraq to spark global risk-off sentiment. Sentiment quickly shifted 180 degrees not too long after the attack after Iran announces it was not seeking further escalation.  This didn’t appear to have a huge directional influence on the Loonie, but it sure did have the oil markets moving, net lower on the session; this was likely a net negative influence on the Loonie as well.
Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart
Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart

Thursday:

Friday: