On December the 3rd Canada reported a 6% unemployment rate, while the expectations were at a 6.6% level. Less than expected unemployment rate is always hawkish news for the national currency.
Trading plan for April 15
- The most important event for today is the release of the business outlook by the Bank of Canada at 17:30 MT time. If it contains some hawkish hints on the current economic outlook by the bank, the Canadian dollar will be supported.
- This weekend brought us some bearish news for the oil market, especially for WTI. According to Russia’s Finance Minister Anton Siluanov, Russia may decide to boost production to fight for market share with the United States. Weakening oil prices may pull the Canadian dollar down.
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
The oil prices have declined this week after the new Omicron strain was identified. What should we expect next from oil?
Gold is about to break the most significant support. The US dollar index keeps gaining momentum. However, the situation might change this week, and we might see a tiny correction. Investors might return to risk-on and push the US stock market indices and cryptocurrencies to the upside. These and more trade ideas are in our new weekly video! Do not miss it!
This week is likely to be pivotal for many assets, including gold, USD, and several stocks. However, we need to be focused and react fast to the ever-changing environment to get the most from it.
This week, the majors will be affected by the interest rate decision by the Federal Reserve, NFP, the BOE Meeting, and more events.