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It’ll be an interesting week for the Canadian Dollar with attention still firmly fixed on the Coronavirus and the current railroad disruptions.
Apart from that, we also have very important hard data with Q4 GDP due in the upcoming week as well.
The BoC made it clear that the door is definitely open for a potential rate cut, but they also explained that they are closely watching to see whether the recent slowdown in economic growth is more severe than they expect before they pull the trigger on rates.
For that reason, this week’s GDP print could offer us a great trading opportunity in the case of a big miss or a big beat in the data as both can impact current rate cut expectations.
We also need to pay particular attention to the overall risk tones and Oil prices as both can impact the Canadian Dollar in the short-term.
This week ahead video will help you prepare for this week’s upcoming event and provide insights into how you could possibly trade it as well.
Highlights of the video:
01:08 – Baseline context for the currency
04:21 – Baseline expectations for the upcoming risk event
06:02 – Possible sentiment shifts
09:08 – Possible currency pairs to consider