Australia will release employment change and an unemployment rate on July 15, at 04:30 MT time.
Retail sales report may push CAD down
The Canadian core retail sales will be announced on Tuesday at 15:30 MT time.
Instruments to trade: USD/CAD, CAD/JPY, CAD/CHF
This indicator reveals the change in the total value of sales at the retail level, excluding automobiles. Why without auto sales? They are volatile and can misrepresent the trend. The core retail sales report is a more relevant measure of the spending dynamic.
We must say that Canada as one of the world’s largest oil exporters has been already under pressure because of extremely low oil price these days. In addition, investors are now more cautious and risk-averse. As a result, safe-haven currencies are more favorable, leaving aside the Canadian dollar.
Anyway, after the release of the retail sales’ data we should be ready to catch the market momentum and react immediately. Pay attention to the CAD/JPY pair as it’s really sensitive to the market changes and you could gain from it in a short term.
If the indicator is greater than expected, it will push the Canadian dollar up, otherwise – down.
The Bank of Canada will publish a rate statement and update on the interest rate on Wednesday, at 17:00 MT time.
Much impactful news will come out! Read the article to get fresh trade ideas for the whole week!
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!