Curious to know what’s happening on the markets this week? Take a quick tour of the latest news, economic updates, and trading setups that will keep you up-to-date and in the know.
Monday:
- The week shall commence on a quiet note with two significant speeches. At the beginning of the European session, we will hear from the Swiss National Bank Chairman Jordan.
- The day wraps up with a speech by the European Central Bank President Lagarde, making it a noteworthy day for those tracking European Central banking activities.
Tuesday:
- This day could prove important for the Canadian Dollar, as we'll receive the inflation data. A monthly decrease from 0.7% to 0.5% is expected.
- Tuesday then concludes with the release of the Consumer Confidence data from the United States, forecast to rise to 104.
Wednesday:
- Wednesday kicks off with inflation data from Australia, followed by a series of speeches from major central bankers. We'll hear from the Bank of England Governor Bailey, Bank of Japan Governor Ueda, and the Federal Reserve Chairman Jerome Powell. This makes it an especially important day for forex traders!
Thursday:
- Thursday will be relatively quiet. In terms of European data, we'll learn the preliminary CPI number from Germany expected to rise to 0.2% on a monthly basis.
- The day winds up releasing the final GDP figures from the US, with a projected increase of 1.4%.
Friday:
- On Friday, we'll receive manufacturing PMIs from China.
- We'll also get the inflation CPI flash estimate from the Eurozone, where the inflation is expected to drop to 5.6% from the 6.1% previously reported.
- The week wraps up with the release of the GDP number from Canada and the Core PCE price index from the US.
Setups for This Week:
Brent Oil
Primary View:
Oil is still moving inside of the rectangle pattern
Last week ended with a decisive bounce off the support and now the price is aiming at the resistance at 77.3 USD/bbl
As long as we remain inside of the rectangle, trading bounces seem like a reasonable idea
Alternative View:
If the price breaks out of the rectangle, we should get a proper, mid-term trading signal
USDCAD
Primary View:
The USDCAD continues the bearish sentiment after a large symmetric triangle pattern escape
Last week ended confirming the 1.323 level as key resistance
Sentiment remains negative
Alternative View:
USDCAD climbing back above the 1.323 will be a signal to go long
CAC
Primary View:
CAC came back below the key horizontal support of 7360 and later used it as a resistance
The price created a head-and-shoulders pattern and is currently trading slightly below the neckline, indicating a bearish advantage
The price breaking the 23.6% Fibonacci will be a strong signal to sell
Alternative View:
CAC climbing back above the 7360 will be a proper signal to go long
