CAD

Canadian dollar shrugs off the decline in oil prices

• Instead, CAD traders focused on growth and rates

USDCAD falls back below the 200 hour MA. Bulls/buyers are jilted after the break higher.

• The break of the 200 hour MA running out of steam

Canada July S&P Global manufacturing PMI 52.5 vs 54.6 prior

• Canadian July PMI from S&P Global

USDCAD gives it another shot above the 100 hour MA

• The 200 hour MA comes in at 1.28537

USDCAD extends higher. Oil falling.

• Crude oil trades below $93.00

Canada budget balance for April comes in at C$2.66 billion surplus

• Canada budget data for April 2000 and

Canada May GDP 0.0% vs -0.2% expected

• Canadian May 2022 GDP data from Statistics Canada

Canada average weekly earnings for May up 2.54% year on year

• Canada average weekly earnings from May 2022

TD forecast 100 bp of rate hikes from the Bank of Canada ahead

Canada June prelim wholesale prices +0.5%

• June early estimate

New lows for the USDCAD. Price takes back the gains from Friday.

• The lows from June 28 and July 22 the next key target

USD/CAD tests the bottom of the range as energy prices prove resilient

• Oil and gas prices stay strong

Market Outlook for the Week of July 25-29

• There are several main events this week that could keep a USD rally going.

RBC forecasts a 12% drop in Canadian house prices

• The Bank of Canada is now embarked on a more aggressive course

Is the USDCAD a buy from a technical perspective? BofA likes it fundamentally.

• VIDEO: Marrying technicals with fundamental analysis from Bank of America