Key Canadian trading events this week

BLACKBULL:USDCAD   U.S. Dollar / Canadian Dollar
On Friday, alongside the US PCE data release, Canada will publish its Q1 GDP growth figures. Earlier in the week, Canada will also release its producer prices data. Note that US markets will be closed on Monday for Memorial Day.

According to the Royal Bank of Canada, the Canadian economy likely grew more quickly in Q1 2024 based on headline figures. However, this growth was still insufficient to keep pace with the surging population. Consequently, GDP per capita contracted for the seventh consecutive quarter.

Speaking of the Royal Bank of Canada, they will also be reporting its earnings this week, along with other major Canadian banks.

Tuesday, May 28
  • Earnings: Bank of Nova Scotia

Wednesday, May 29
  • Earnings: Bank of Montreal, National Bank, EQB Inc.

Thursday, May 30
  • Earnings: CIBC, Royal Bank of Canada

Friday, May 31
  • 8:30 a.m. Canada Q1 GDP
  • Earnings: Laurentian Bank, Western Bank

The USD/CAD ended its four-day winning streak on Friday, closing down by half a percent at approximately 1.3660. Declining crude oil prices had been putting pressure on the CAD until now. Buyers could step in around this level for a potential bounce back though. Additionally, the upcoming OPEC+ meeting on June 2 could influence this pair. Market participants are watching for potential output cut extensions by major producers to address global oversupply concerns and support prices, which might cause hesitation among USD/CAD buyers at the 1.3660 level.

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