Canada won’t be printing a lot of market-moving data this week, which means that CAD traders will look at countercurrency action and risk sentiment for direction.
Which market themes should you pay attention to?
Low-tier economic releases
- Wholesale sales (Feb 12, 1:30 pm GMT) seen dropping by 1.7% (from +0.7%) in December
- Monthly PPI (Feb 12, 1:30 pm GMT) could slow down from 1.8% to 1.5%
Crude oil prices
- If last week’s price action is any clue, CAD traders will look at crude oil price movements for direction this week
- Vaccinations around the globe, easing lockdown measures, and stimulus talks in the U.S. can influence the demand for Black Crack and the Loonie
- Overall U.S. dollar demand can also affect USD/CAD and the rest of the major CAD pairs
Technical snapshot
- CAD has hit “overbought” Stochastic levels against CHF and JPY
- CAD may soon reach “oversold” status against NZD and GBP on the daily
- EMAs show the Loonie’s short and long-term bearish trends against its fellow comdolls and the pound
- CAD remains in bullish trends against the safe-havens and the euro
- The Loonie was most volatile against the other comdolls, the U.S. dollar, and the pound in the last seven days
Missed last week’s price action? Read CAD’s price recap for Feb. 1 – 5!
This post first appeared on babypips.com
