Last week’s trading was a mixed bag of beans for both Loonie bulls and bears. Can we see a common direction for Loonie pairs this week?
Here are economic catalysts you should keep an eye on:
- Wholesale sales (Feb 24, 1:30 pm GMT) to improve from -1.2% to 0.5% in December
- Current account deficit (Feb 27, 1:30 pm GMT) is expected to narrow down from 9.9B CAD to 8.9B CAD in Q4 2019
- Monthly GDP (Feb 28, 1:30 pm GMT) could maintain its 0.1% growth. Growth is also expected to dip from 1.3% to 0.2% from a year ago in Q4 2019
Market risk sentiment
- The Coronavirus outbreak and its potential impact on corporate earnings and global economy will continue to affect demand for high-yielding currencies like the Loonie
- Top-tier reports like the U.S.’ second GDP reading and China’s first PMI releases since the Coronavirus outbreak can also affect overall risk appetite
- RSI, Williams %R, and Keltner Channels all consider CAD as “overbought” against NZD and AUD on the daily time frame
- CAD has been most volatile against GBP, JPY, NZD, and CHF in the last 30 days
Roz has been engaged in the financial markets since 2017, specializing in Foreign Exchange, Before joining to FOREX IN WORLD she start to learn forex trading related information.
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