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The Canadian dollar comes out as a net winner thanks to central bank stimulus efforts and positive Coronavirus developments, negating the terrible week for oil prices.

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:

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

Tuesday:

  • Risk-on sentiment accelerated on Tuesday, most likely on news that a vaccine for the Coronavirus is ready for testing and further stimulus efforts from the PBOC.  This prompts the Loonie to move more on risk sentiment (i.e., rising against safe havens/low-yielders and fall against the “riskier” currencies).

Wednesday:

Thursday:

Friday: