April seasonal patterns weren’t supposed to work, but somehow they did. Even a strong fundamental issue such as the global recession amid the coronavirus couldn’t overwhelm it. That’s why May seasonal patterns may work as well.
Another opportunity for the Canadian dollar
The level of GDP growth for Canada will be published at 14:30 MT time. This indicator is the broadest measure of economic activity which reflects the economic health of the country. Last time, the indicator came out lower than the expectations. It made the Canadian dollar suffer. If this time the situation is different, we may see the CAD going up.
• If the actual level of GDP growth is higher, the CAD will go up;
• If the actual level of GDP growth is lower, the CAD will go down.
The European central bank will publish the main refinancing rate and make a statement on Thursday, July 16, at 14:45 MT time. Also, the ECB’s press conference will be later at 15:30 MT time.
Optimism about the Moderna vaccine improved the market sentiment. Let’s have a closer look, what’s happening today.
The Canadian central bank will announce interest rates and make a speech on Wednesday, July 15, at 17:00 MT time. Also, the BOC press conference will be later at 18:15 MT time.