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This is a pretty quiet week in terms of economic data for most economies, and Canada is no exception.
Most investors have their eyes on the most intense part of earnings season, where a little more than 70% of Canadian companies will have reported by the end of next week. The first reports have been somewhat disappointing. So, lacking other economic data, we could see some depression in the loonie should the current trend in earnings maintain.
Later today we have the release of wholesale trade data. This is the only major data we have until the middle of next week. If you are a technical trader, now’s your chance!
The CAD is likely to move only on external economic events until we get GDP on the last day of the month. In the meantime, we can have a look at what’s been going on and how the currency is shaping up in the medium term.
What We Are Looking For
Wholesale trade is a sligh...
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