Week Ahead 8/03 – 12/03: Canadian Dollar in Focus

Posted by Lulama Msungwa -
Scope Markets

Key Points

  • It’s a busy week for markets outside of the U.S.A, especially for the Canadian dollar with the interest rate decision and unemployment data.
  • Interest decisions and central bank speakers will be key to the markets
  • The commodity markets will continue to be the most-watched

U.S dollar

It’s pretty much a quiet week ahead in the U.S markets with no big events to move the market. There are no speeches or central bank decisions. Instead the focus will turn to the Canadian dollar.

Traders will have to wait until Wednesday to participate in an economic event. The consumer price index will be the main focus. This could provide direction to the U.S dollar against a basket of currencies.

On Thursday, the initial jobless claims will be the key news in the markets. The last week’s data showed a good decline below 800,000 and slowly showing a recovery in the U.S labor market.

Friday, the market will focus on the Michigan consumer sentiment index to provide the market with direction.

Despite no economic events for the U.S markets, investors will continue to monitor the Bond Yields’ movement to ask for market direction and if the bond market continues to rally. This will give the U.S Dollar index much-needed demand and thereby pushing the stocks market further down.


It’s fairly a busy week ahead for the Euro markets. The economic calendar features the GDP data, ECB interest rate decision, and ECB conference to influence the Euro markets.

On Tuesday, Euro traders will wait for the release of Eurozone GDP data that will impact the Euro markets.

Wednesday could prove a volatile day for the Euro markets. Traders will wait to hear interest rate decisions, and this will be followed by the ECB monetary policy. The conference will have significant volatility in the markets. Any remarks from the ECB will influence the Euro currency and equities.


It’s relatively a quiet week ahead for the Pound. Only the BoE speech in the economic calendar expected to move the markets.

On Monday, the markets will look for influence from the BoE governor’s speech. It might have a good impact on the long-term bullish Pound against the U.S Dollar.

The Pounds will look for influence from the ECB headlines and Eurozone news.

Canadian dollar

It’s a very busy week ahead for the Canadian Dollar. The economic calendar is filled with influential market events, interest rates, and unemployment rates scheduled for the week ahead.

Loonie traders will have to wait until Wednesday for interest rates decisions and rate statements that could provide market volatility. The rate statement will be a key factor in the markets.

On Friday, traders will wait for the unemployment data to give more insight into Canada’s labor market conditions. This will be key to the Loonie movement in the market. The net employment change figures will be key to the market also.

Commodity markets

  • Oil had a very rocky start last week. Still, the rally started after the OPEC+ meeting and top officials agreeing to maintain their supply cut in April as they wait for more solid demand recovery from the pandemic impact.
  • The commodity markets are expected to continue to attract investors’ attention. We expect the market to soon enter the supercycle. We are yet to see a long-term uptrend movement in the commodity markets, and Crude Oil will be one of the key markets.

Share this article:

Disclaimer: The article above does not represent investment advice or an investment proposal and should not be acknowledged as so. The information beforehand does not constitute an encouragement to trade, and it does not warrant or foretell the future performance of the markets. The investor remains singly responsible for the risk of their conclusions. The analysis and remark displayed do not involve any consideration of your particular investment goals, economic situations, or requirements.

Funding Methods

Scope Markets
Scope Markets
Scope Markets
Scope Markets
Scope Markets
Scope Markets
Scope Markets
Scope Markets


Scope Markets
Scope Markets
Scope Markets
Scope Markets

Scope Markets offers institutional and retail trading services to businesses and traders worldwide. Our top management team has more than 20 years of experience in the industry, and we are proud of the solid partnerships we build over the years. Whether it's a business or individual, Scope Markets has a wide range of trading solutions that are compliant, flexible, cost-efficient, innovative, and place the client first.

Contact Us

Registered address:
5 Cork Street, Belize City, Belize C.A.


+44 2030 516959

Risk Disclaimer

Please note that forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors. Trading in financial instruments may result in losses as well as profits and your losses can be greater than your initial invested capital. Before undertaking any such transactions, you should ensure that you fully understand the risks involved and seek independent advice if necessary. Please read and ensure you fully understand our Risk Disclosure.

Legal Information

Scope Markets Ltd is a company registered under Belize with Registration Number 145,138. Scope Markets Ltd is authorized and regulated by the International Financial Services Commission of Belize (“IFSC”) under the license numbers 000274/222 and 000274/221. The registered address of Scope Markets Ltd is, 5 Cork Street, 1708 Belize City, Belize.

Restricted Regions

Scope Markets does not offer its services to the residents of certain jurisdictions such as EU Member States, Iceland, Norway, Liechtenstein, Afghanistan, Cote d'Ivoire, Cuba, Iran, Libya, Myanmar, North Korea, Sudan, Puerto Rico, USA, Syria, and Ecuador. Please check Restricted Countries.

This website uses cookies to provide you with the very best experience and to know you better. By visiting our website with your browser set to allow cookies, you consent to our use of cookies as described in our Privacy Policy.

© Copyright 2020 Scope Markets. All Rights Reserved.