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Volatile week for the Canadian as it moved with the roller coaster ride in oil prices, along with being heavily influenced by counter currency flows and global risk sentiment.
Canadian Headlines and Economic data
Monday:
- Without any catalysts from Canada, CAD fell against the majors on Monday and Tuesday as oil prices continued to crater from the Saudi-Russia oil price war. U.S. crude dips below $20 as lockdowns wipe out demand
Tuesday:
- Canadian Real gross domestic product edged up 0.1% in January
- Prices for products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), decreased 0.5% in February
Wednesday:
- IHS Markit Canada Manufacturing Purchasing Managers’ Index dropped from 51.8 in February to 46.1 in March
- Bank of Canada Starts Quantitative Easing With $1 Billion Bond Purchase
Thursday:
- Canada’s merchandise trade deficit with the world narrowed from $1.7B in January to $983M in February
- Oil prices shift big time towards positive after U.S. President Trump talks up truce hopes for Saudi-Russia price war and news of China buying crude at these low levels for their reserves. This was likely the reason we saw the Loonie able to rally against the comdolls and weakened euro, but wasn’t enough to rally against the rest of the major due to the lingering global risk aversion environment.
Friday:
- Oil continues its rally on Friday as OPEC calls for emergency meeting on Monday, which seems to be postponed already until April 8 or 9.