Canada won’t be printing any significant economic data, so the Loonie will likely take its cues from crude oil prices and global sentiment.
Planning on trading the comdoll?
Check out the themes that might affect its intraweek trends:
Crude oil price action
- Positive vaccine updates have encouraged global growth confidence and have stabilized oil prices
- Increased lockdowns in major economies could limit the Black Crack’s (and the Loonie’s) gains
Global risk sentiment
- With the U.S. on a shortened trading week and the rest of the major economies barely printing significant economic data, the Loonie will likely take cues from COVID-19 updates and overall risk appetite
- PMI reports from the Eurozone, U.S., and the U.K. can paint a clearer picture of current global growth trends
- Any progress on the Brexit negotiations can also spur on risk-taking and push CAD higher
Technical snapshot
- Stochastic considers the Loonie “oversold” against the Aussie, Kiwi, and the pound
- CAD/CHF is firmly in the neutral territory…for now
- EMAs show the short-term selling pressure for the Loonie
- The Loonie remains on short and long-term bullish trends against the dollar
- CAD is on short and long-term bearish trends against AUD, JPY, EUR, GBP, and NZD
- CAD saw the most volatility against GBP, NZD, AUD, and USD in the last seven days
Missed last week’s price action? Read CAD’s price recap for Nov. 16 – 20!
