LAST WEEK RECAP
THE LOONIE WAS FLAT AS THE USD TRADED STRONGER AGAINST MOST OF ITS COUNTERPARTS, AND MORE FUEL WAS ADDED TO THE FIRE AFTER FED CHAIR JANET YELLEN’S SPEECH. THE MARKET HAS NOW PRICED IN THE PROBABILITY THAT THE FOMC WILL RAISE RATES IN DECEMBER. YELLEN’S KEY TAKEAWAY WAS WHEN SHE SAID THAT THE FED ”SHOULD BE WARY OF MOVING TOO GRADUALLY” WHEN IT COMES TO INTEREST RATES. WTI CRUDE OIL CLIMBED TO A 5 MONTH HIGH ON NEWS OF TURKEY THREATENING TO CUT OFF OIL SUPPLY FROM THE KURDISTAN REGION, HOWEVER BY FRIDAY’S CLOSE OIL WAS TRADING STOOD AT 51 DOLLARS. THE CANADIAN GDP y/y MISSED EXPECTATIONS OF 3,9% PRINTING AT 3,8%. THE PREVIOUS READING HAD THE BOC RAISING RATES. THE SEPTEMBER MISS MAY HAVE THE DATA DEPENDANT BOC TAKING NO ACTION AT THE NEXT POLICY MEETING IN OCTOBER.

THE WEEK AHEAD

THE US ECONOMIC CALENDAR IS BUSY THIS COMING WEEK WITH THE HIGHLIGHTS BEING ANOTHER SPEECH FROM FED CHAIR JANET YELLEN, AND NFP ON FRIDAY. THE CANADIAN DOLLAR IS ONLY GOING TO START SEEING SOME ACTIVITY ON THURSDAY AND FRIDAY.
ECONOMIC CALENDAR

CAD C.O.T REPORT

LONG NONCOMMERICAL POSITONS - the number of long positions have been increasing since May, the latest print stands at 102 688. however looking at this chart it seems momentum might be slowing down. SHORT NONCOMMERICAL POSITIONS - the number of short positions have been falling since May as well, latest print stands at 28 083.

USDCAD DAILY

MARKET IS BEARISH, 55 ABOVE 21. ITS THE BEGINNING OF A NEW MONTH AND PRICE HAS OPENED UP AT MM3 RESISTANCE. 55 EMA ALSO PLAYING DYNAMIC RESISTANCE CURRENTLY, WHICH PREDICTS A DOUBLE BOTTOM. STOCHASTICS IS OVERBOUGHT.

USDCAD H4

MARKET IS BULLISH, 21 IS ABOVE THE 55. PRICE IS BULLISH. RESISTANCE IDENTIFIED AT WM3/MM3 CONFLUENCE. STOCHASTICS HEADING NORTH. 21 EMA PLAYING DYNAMIC SUPPORT. IF PRICE BREAKS THROUGH THE ABOVE MENTIONED RESISTANCE THAN A POSSIBLE TARGET FOR THE WEEK IS WM4 TO WR2.

WTICrude Oil DAILY

MARKET IS BULLISH, 21 IS ABOVE THE 55. PRICE IS BEARISH, 5 & 8 EMA CONVERGING AS PRICED OPENED AT MM3 RESISTANCE. IMMEDIATE SUPPORT IDENTIFIED AT MPP. STOCHASTICS IS HEADING SOUTH.

WTICrude Oil H4

MARKET IS BULLISH, 21 ABOVE THE 55. RESISTANCE IDENTIFIED AT WM3/MM3 CONFLUENCE. STOCHASTICS IS HEADING NORTH. SUPPORT IDENTIFIED AT WM2 AND WS1 WHICH COINCIDES WITH MPP.

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