Not a lot of market-moving reports from Canada, which means Loonie traders will look to risk sentiment for cues this week.
Thinking of trading the Canadian dollar over the next couple of days?
Check out the potential catalysts that might move the comdoll:
Lower-tier releases
- New housing price index (Nov 12, 1:30 pm GMT) last showed a 1.2% uptick, is unlikely to inspire sustained moves for CAD
- Bank of Canada (BOC) Senior Deputy Governor Wilkins to give a speech (Nov 12, 6:30 pm GMT). She will be leaving her post on December 9, months before her seven-year term ends in May
Overall risk sentiment
- As one of Uncle Sam’s close neighbors, uncertainty over the U.S. election results would mean uncertainty over the next U.S.-Canadian policy agreements
- Lockdowns in the European region and increasing COVID-19 cases around the world will limit economic activity and weigh on crude oil demand. Bad news for the oil-related Loonie
Technical snapshot
- Stochastic considers the Loonie “overbought” against the dollar
- CAD may be “oversold” against AUD and NZD on the daily time frame
- EMAs show CAD’s short and long-term bearish trends against AUD, GBP, CHF, and NZD
- CAD remains on bullish trends against USD and JPY
- Watch out for retracement or reversal setups on EUR/CAD
- CAD saw the most volatility against USD, AUD, JPY, and GBP on the daily time frame
Missed last week’s price action? Read CAD’s price recap for Nov. 2 – 6!
