Crude oil rallied above $48 dollars on Monday following OPEC comments and EIA cuts estimates, causing a pullback in the USD dollar. With that, the USD/CAD pair hit fresh intraday lows touching 1.3120. The pair however remains above the Ichimoku cloud and in an overall uptrend so we may see a bounce back up in September.
Coming up on the economic calendar, Tuesday is pretty busy for most major currencies,starting with major Aussie and Chinese data coming out during the Sydney session.
- China’s Manufacturing PMI is set to be released at 2 AM GMT followed by Australia’s cash rate and RBA rate statement at 5:30 AM.
- UK Manufacturing PMI will kick off the London session at 9:30 AM GMT followed by Canada’s GDP out at 1:30 PM.
- US ISM Manufacturing PMI is out at 3PM and GlobalDairyTrade (GDT) index could create volatility in the NZD crosses.
- Aussie volatility could continue well into Wednesday as Australia’s Quarterly GDP is scheduled to be released at 2:30 AM GMT.
- US ADP Non-Farm Employment Change will be out at 1:15 PM.
Watch out for our upcoming signals in what is expected to be an exciting week.