Weekly update for EUR/USD, USD/CAD, gold, and stocks
Tag - cad - canadian dollar
After a notable rally all the way to 1.28, USD/CAD dropped back to 1.2730 yesterday, confirming our outlook mentioned a few days ago about the need for a downside retracement before the upside trend resumes.
Traders were shocked by the US inflation figures and now await the testimony of the Fed’s Chair Jerome Powell. The NZD jumped after the RBNZ meeting, while the CAD awaits the meeting of the Bank of Canada.
The Bank of Canada will publish a rate statement and update on the interest rate on Wednesday, at 17:00 MT time.
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
Traders await the US inflation data, oil's dealing with OPEC+ uncertainty, the earnings season starts in America, while New Zealand's and Canada's central banks will set policy.
Much impactful news will come out! Read the article to get fresh trade ideas for the whole week!
Canada will reveal its jobless rate and employment change for June on July 9, 15:30 MT.
The US dollar keeps strengthening due to the fresh Covid-19 outbreaks in some parts of the world. By the way, the US NFP report will be out already this Friday!
The main events of the week are Non-Farm Payrolls (NFP) on Friday and the OPEC meeting on Thursday. Watch the video to get the fresh outlook for currencies, stocks, & commodities for the June 28- July 02 trading week!
Canada will publish a GDP growth for April on June 30 at 15:30 MT time (GMT +3).
The main events of the week are Non-Farm Payrolls (NFP) and the OPEC meeting. Jump in and get fresh trade ideas for the whole week!