CAD FORECAST 29 NOV – 2 DEC

SUMMARY

The Canadian calendar will finally be busy this week. Monday didn’t really have any data releases. Tuesday starts with a speech by BoC Governor Poloz & Current Account(-16.8B forecast). Wednesdays key events include the OPEC meeting,GDP & RMPI. Friday we end the week with Employment Change, Unemployment Rate & Labour Productivity.
The dollar also has a busy week ahead, with speeches by FOMC members Dudley & Powell. Also we will have the CB Consumer Confidence survey, OPEC meeting as well, Crude Oil inventories, & NFP to name a few. We might see some movement on CAD considering how busy the Canadian calendar is this week.
Keep in mind that investors expect oil price volatility until OPECs meeting outcome, and on Monday Governor Poloz said Canadian economy uncertainty still remains high after Trump win.
In an interview he said that, ”Canada is very reliant on trade, so anything that disturbs that is of course a question mark”. The US election also weakened growth business investment. He said growth rate seems to be on track relative to the central bank’s October projection. Governor Poloz interviw
Oil up ahead of OPEC meeting

USDCAD H4

Resistance is seen @ 1.35395, 1.35901 & 1.36013 & shown with pink bars. Support is seen @ 1.33928, 1.33710 & 1.32619. Price hit 1.35395 resistance during market open on Monday than fell to the trendline support beneath WS1. The trend is still bullish despite flat EMAs & the ranging and consolidating between 1.35901 & 1.33710. A wedge forming one should expect a breakout to the upside or downside at the apex if price gets there. Bulls will look to buy @ support & bears to go short @ resistance.

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