Partner Center Find a Broker

With no major catalysts from Canada, Loonie traders moved off of global risk sentiment and counter currency flows.

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

Canadian Headlines and Economic data

Monday:

  • Major global risk-off sentiment to start off the week after the mayor of Wuhan, epicenter of coronavirus outbreak, says 5 million people left the city before travel restrictions were imposed.
  • Risk aversion sentiment grows as China confirms 2,700 cases of virus, 40 counted elsewhere.
  • The Coronavirus story was the major market driver for the week, pushing traders out of “riskier” assets into less riskier assets. This is why we see the Loonie fall to the rest of the majors for the week, with exception to the Aussie and Kiwi, which are usually considered by traders as more “risk-on” than the Loonie in most situations. This is also why we saw a drop in oil right at the start of the week.
Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart
Overlay of CAD Pairs & Oil (Black Line): 1-Hour Forex Chart

Wednesday:

Thursday:

Friday: