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Start your trading prep with an overview of catalysts lined up next. I’ve got chart setups to check out this week, too!

So far it’s been mostly about COVID-19 updates, as well as efforts to shield the global economy from the impact of the outbreak.

ICYMI, here’s what policymakers have done for their economies since the coronavirus pandemic hit.

FX Week Ahead

Major Currencies Overview

First up, here’s a rundown of how the major pairs performed in the past week:

Major Forex Pairs Price Performance from MarketMilk
Major Forex Pairs Price Performance from MarketMilk


The scrilla closed in the red against most of its peers as traders reacted to record-high jobless claims and the government’s additional stimulus efforts.

This week, we’ll get a glimpse of how the consumer sector has taken a hit as the March retail sales data is due. Read more.


The Loonie was mostly in the red last week, but it managed to pull up ahead of the OPEC meetings and catch some gains versus the dollar and yen.

The BOC is scheduled to make another monetary policy statement this time. Read more.


The euro and franc had a mixed run as the lower-yielding currencies reacted mostly to risk sentiment.

There’s not much in the way of major reports this week, so both European currencies could be sensitive to counter currency moves again. Read more.


Pound pairs were mostly in the green last week, losing only to the Kiwi and Aussie as risk appetite improved.

The BOE Credit Conditions Survey and Quarterly Bulletin might be worth watching next. Read more.


The safe-haven yen caved to risk-taking in the previous week, chalking up gains only against the U.S. dollar.

There are no major reports lined up from Japan next, so sentiment could stay mostly in play. Read more.


The Aussie was able to outpace its forex peers thanks to a surge in risk-taking and dollar weakness.

China’s data dump is coming up, and the numbers could also impact AUD price action. Read more.


The Kiwi was also able to benefit from risk rallies in the previous week as traders focused on efforts to boost the global economy.

Without any major reports due from New Zealand, the currency could take cues from overall sentiment and China’s data. Read more.

Forex Charts to Watch:

USD/CAD: 1-hour

USD/CAD 1-hour Forex Chart
USD/CAD 1-hour Forex Chart

Breakout play, anyone?

USD/CAD has formed lower highs and slightly lower lows to consolidate inside a falling wedge pattern on its 1-hour chart. Price is currently testing support and could be due for another bounce to the resistance as stochastic points up.

However, the 100 SMA is below the 200 SMA to indicate that support is more likely to break than to hold. If that happens, the pair could fall by around the same height as the wedge formation, which spans around 600 pips.

CAD/JPY: 1-hour

CAD/JPY 1-hour Forex Chart
CAD/JPY 1-hour Forex Chart

Don’t look now, but CAD/JPY is back at the top of its range once more! If this holds as a ceiling again, price could fall back to the bottom of the range around 74.25 from here.

The moving averages are oscillating to reflect sideways action, but the 100 SMA is above the 200 SMA to hint at the possibility of an upside break. If so, CAD/JPY could climb by around the same height as the rectangle pattern.

Stochastic looks ready to move lower, though, so a pickup in selling pressure might follow.

EUR/USD: 1-hour

EUR/USD 1-hour Forex Chart
EUR/USD 1-hour Forex Chart

Last but certainly not least is this simple triangle pattern forming on the short-term time frame of EUR/USD.

Price is slowly climbing after finding support at the bottom of the triangle and might be setting its sights back on resistance. However, stochastic has room to head lower, so the pair could follow suit while bearish momentum is present.

The 100 SMA looks prime for a bullish crossover, so buyers could stay in the game and even push for a break past the triangle top.