Asset Class of the Week - USD/CAD

This will be part of a series where I feature an asset class which is either bullish or bearish on daily, weekly and monthly time frames. This weeks asset class of the week is the Canadian Dollar (USD/CAD) which is bullish across daily, weekly and monthly time frames. The Canadian Dollar is weak despite strong oil prices off late. Perhaps the Canadian dollar is signaling a weakening Canadian economy ahead or an upcoming collapse in oil prices due to broad based dollar strength. Data from investing.com:

USD/CAD Daily:

USD/CAD Weekly:

USD/CAD Monthly:

Economic Calendar for the Week beginning July 6

 Comprehensive Economic Calendar from Dailyfx: 

Date Time Currency Event Importance Actual Forecast Previous Notes Mon Jul 6 GBP Halifax House Price (3MoY) (JUN) Low 8.6% GBP Halifax Plc House Prices s.a. (MoM) (JUN) Low -0.1% 00:30 AUD TD Securities Inflation (MoM) (JUN) Low 0.1% 0.3% 00:30 AUD TD Securities Inflation (YoY) (JUN) Low 1.5% 1.4% 01:30 AUD ANZ Job Advertisements (MoM) (JUN) Low 1.3% 0.1% 05:00 JPY Coincident Index (MAY P) Medium -1.8 109.1 111.0 05:00 JPY Leading Index (MAY P) Medium 106.2 106.2 106.4 06:00 EUR German Factory Orders n.s.a. (YoY) (MAY) Medium 4.7% 3.8% 1.3% 06:00 EUR German Factory Orders s.a. (MoM) (MAY) Low -0.2% -0.4% 2.2% 07:15 CHF CPI EU Harmonized (YoY) (JUN) Medium -0.6% -1.0% -0.9% 07:15 CHF Consumer Price Index (YoY) (JUN) Medium -1% -1.2% -1.2% 07:15 CHF CPI EU Harmonized (MoM) (JUN) Low 0.2% -0.1% 0.0% 07:15 CHF Consumer Price Index (MoM) (JUN) Low 0.1% -0.1% 0.2% 07:30 EUR Markit Germany Construction PMI (JUN) Medium 50.7 50.8 08:00 GBP New Car Registrations (YoY) (JUN) Low 12.9% 2.4% 08:10 EUR Markit Eurozone Retail PMI (JUN) Medium 50.4 51.4 08:10 EUR Markit Germany Retail PMI (JUN) Medium 54.0 55.8 08:10 EUR Markit France Retail PMI (JUN) Low 48.9 48.7 08:10 EUR Markit Italy Retail PMI (JUN) Low 46.7 48.3 08:30 EUR Euro-Zone Sentix Investor Confidence (JUL) Medium 18.5 15.0 17.1 13:45 USD Markit US Composite PMI (JUN F) Low 54.6 54.6 13:45 USD Markit US Services PMI (JUN F) Low 54.8 54.9 54.8 14:00 USD ISM Non-Manufacturing Composite (JUN) High 56.0 56.4 55.7 14:00 CAD Ivey Purchasing Managers Index s.a. (JUN) Medium 55.9 55.5 62.3 14:00 USD Labor Market Conditions Index Change (JUN) Medium 0.8 2.0 0.9 14:30 CAD Band of Canda Senior Loan Officer Survey (2Q) Low 1.4 6.7 14:30 CAD Business Outlook Future Sales (2Q) Low 8.0 12.0 4.0 22:00 NZD NZIER Business Opinion Survey (2Q) Low 5 23 23:30 AUD AiG Performance of Construction Index (JUN) Medium 46.4 47.8 23:30 AUD ANZ Roy Morgan Weekly Consumer Confidence Index (JUL 5) Low 111.0 116.3 23:50 JPY Official Reserve Assets (JUN) Low $1242.9B $1245.8B Tue Jul 7 04:30 AUD Reserve Bank of Australia Rate Decision (JUL 7) High 2.00% 2.00% 05:45 CHF Unemployment Rate (JUN) Medium 3.1% 3.2% 05:45 CHF Unemployment Rate s.a. (JUN) Medium 3.3% 3.3% 06:00 EUR German Industrial Production n.s.a. and w.d.a. (YoY) (MAY) Medium 2.6% 1.4% 06:00 EUR German Industrial Production s.a. (MoM) (MAY) Low 0.1% 0.9% 06:30 AUD Foreign Reserves (Australian dollar) (JUN) Low A$73.2B 07:00 CHF Foreign Currency Reserves (JUN) Low 515.7B 517.5B 08:30 GBP Industrial Production (YoY) (MAY) Medium 1.6% 1.2% 08:30 GBP Manufacturing Production (YoY) (MAY) Medium 1.8% 0.2% 08:30 GBP Industrial Production (MoM) (MAY) Low -0.2% 0.4% 08:30 GBP Manufacturing Production (MoM) (MAY) Low 0.1% -0.4% 11:00 EUR Eurogroup Summit On Greek Referendum High 12:30 USD Trade Balance (MAY) Medium -$42.75B -$40.90B 12:30 CAD International Merchandise Trade (Canadian dollar) (MAY) Low -2.50B -2.97B 14:00 GBP NIESR Gross Domestic Product Estimate (JUN) Medium 0.6% 14:00 USD IBD/TIPP Economic Optimism (JUL) Low 48.8 48.1 14:00 USD JOLTS Job Openings (MAY) Low 5300 5376 19:00 USD Consumer Credit (MAY) Medium $18.500B $20.541B 23:01 GBP BRC Shop Price Index (YoY) (JUN) Low -1.9% 23:50 JPY Bank Lending Banks ex-Trust (JUN) Medium 2.5% 2.6% 23:50 JPY Bank Lending incl Trusts (YoY) (JUN) Medium 2.6% 23:50 JPY Trade Balance - BOP Basis (Yen) (MAY) Medium -¥287.5B -¥146.2B 23:50 JPY Adjusted Current Account Total (Yen) (MAY) Low ¥1375.2B ¥1274.2B 23:50 JPY Current Account Total (Yen) (MAY) Low ¥1563.6B ¥1326.4B Wed Jul 8 04:30 JPY Bankruptcies (YoY) (JUN) Medium -13.18% 05:00 JPY Eco Watchers Survey: Current (JUN) Medium 53.0 53.3 05:00 JPY Eco Watchers Survey: Outlook (JUN) Medium 54.0 54.5 11:00 USD MBA Mortgage Applications (JUL 3) Medium -4.7% 12:30 CAD Building Permits (MoM) (MAY) Medium -5.0% 11.6% 14:30 USD DOE Cushing OK Crude Inventory (JUL 3) Low 123K 14:30 USD DOE U.S. Crude Oil Inventories (JUL 3) Low 2386K 14:30 USD DOE U.S. Distillate Inventory (JUL 3) Low 392K 14:30 USD DOE U.S. Gasoline Inventories (JUL 3) Low -1757K 18:00 USD U.S. Fed Releases Minutes from June 16-17 FOMC Meeting High 18:00 USD Fed's Williams Speaks on Outlook in Los Angeles Low 22:00 NZD ANZ Truckometer Heavy (MoM) (JUN) Low -1.1% 22:45 NZD NZ Card Spending (MoM) (JUN) Medium 1.4% 22:45 NZD Card Spending Retail (MoM) (JUN) Low 0.5% 1.2% 23:01 GBP RICS House Price Balance (JUN) Low 36% 34% 23:50 JPY Japan Buying Foreign Bonds (Yen) (JUL 3) Medium -¥45.2B 23:50 JPY Japan Buying Foreign Stocks (Yen) (JUL 3) Medium ¥234.0B 23:50 JPY Machine Orders (YoY) (MAY) Medium 16.7% 3.0% 23:50 JPY Foreign Buying Japan Bonds (Yen) (JUL 3) Low -¥1386.4B 23:50 JPY Foreign Buying Japan Stocks (Yen) (JUL 3) Low ¥298.2B 23:50 JPY Japan Money Stock M2+CD (YoY) (JUN) Low 4.0% 4.0% 23:50 JPY Japan Money Stock M3 (YoY) (JUN) Low 3.3% 3.3% 23:50 JPY Machine Orders (MoM) (MAY) Low -5.0% 3.8% Thu Jul 9 NZD REINZ House Sales (YoY) (JUN) Low 21.6% 01:30 AUD Employment Change (JUN) High 0.0K 42.0K 01:30 AUD Unemployment Rate (JUN) High 6.1% 6.0% 01:30 CNY Consumer Price Index (YoY) (JUN) High 1.3% 1.2% 01:30 AUD Full Time Employment Change (JUN) Medium 14.7K 01:30 CNY Producer Price Index (YoY) (JUN) Medium -4.6% -4.6% 01:30 AUD Part Time Employment Change (JUN) Low 27.3K 01:30 AUD Participation Rate (JUN) Low 64.7% 64.7% 02:00 JPY Tokyo Avg Office Vacancies (JUN) Low 5.17 06:00 EUR German Trade Balance (euros) (MAY) Medium 20.5B 21.8B 06:00 JPY Machine Tool Orders (YoY) (JUN P) Medium 15.0% 06:00 EUR German Current Account (euros) (MAY) Low 16.0B 19.6B 06:00 EUR German Exports s.a. (MoM) (MAY) Low -0.8% 2.0% 06:00 EUR German Imports s.a. (MoM) (MAY) Low 0.1% -0.8% 09:45 USD Fed's Kocherlakota Speaks on Central Banks in Frankfurt Low 11:00 GBP BOE Asset Purchase Target (JUL) High 375B 375B 11:00 GBP Bank of England Rate Decision (JUL 9) High 0.50% 0.50% 12:15 CAD Housing Starts (JUN) Medium 190.0K 201.7K 12:30 CAD New Housing Price Index (YoY) (MAY) Medium 1.1% 12:30 USD Continuing Claims (JUN 27) Medium 2264K 12:30 USD Initial Jobless Claims (JUL 4) Medium 277K 281K 12:30 CAD New Housing Price Index (MoM) (MAY) Low 0.1% 0.1% 14:00 USD Fed Governor Lael Brainard Speaks in Washington Low 14:30 USD EIA Natural Gas Storage Change (JUL 3) Low 69 14:30 USD EIA Natural Working Gas Implied (JUL 3) Low 69 17:00 USD Fed's George Speaks on Economy in Oklahoma Low 23:50 JPY Domestic Corporate Goods Price Index (MoM) (JUN) Low 0.1% 0.3% 23:50 JPY Domestic Corporate Goods Price Index (YoY) (JUN) Low -2.2% -2.1% Fri Jul 10 CNY Aggregate Financing CNY (JUN) High 1400.0B 1219.6B CNY New Yuan Loans CNY (JUN) High 1050.0B 900.8B CHF Real Estate Index Family Homes (2Q) Medium 445.5 CNY Foreign Reserves (JUN) Low $3725.0B $3730.0B CNY Money Supply M0 (YoY) (JUN) Low 3.1% 1.8% CNY Money Supply M1 (YoY) (JUN) Low 4.4% 4.7% CNY Money Supply M2 (YoY) (JUN) Low 11.0% 10.8% 01:30 AUD Home Loans (MAY) Medium -3.0% 1.0% 01:30 AUD Investment Lending (MAY) Medium 2.6% 01:30 AUD Value of Loans (MoM) (MAY) Low 3.1% 05:00 JPY Consumer Confidence Index (JUN) Medium 41.7 41.4 08:30 GBP Total Trade Balance (Pounds) (MAY) Medium -£2150 -£1202 08:30 GBP Trade Balance Non EU (Pounds) (MAY) Medium -£2800 -£2094 08:30 GBP Visible Trade Balance (Pounds) (MAY) Medium -£9700 -£8561 08:30 GBP Construction Output s.a. (MoM) (MAY) Low 0.8% -0.8% 08:30 GBP Construction Output s.a. (YoY) (MAY) Low 3.1% 1.5% 12:30 CAD Net Change in Employment (JUN) High -10.0K 58.9K 12:30 CAD Unemployment Rate (JUN) High 6.9% 6.8% 12:30 CAD Full Time Employment Change (JUN) Medium 30.9 12:30 CAD Part Time Employment Change (JUN) Low 27.9 12:30 CAD Participation Rate (JUN) Low 65.9 14:00 USD Wholesale Inventories (MAY) Medium 0.3% 0.4% 14:00 USD Wholesale Trade Sales (MoM) (MAY) Low 0.9% 1.6% 15:35 USD Fed's Rosengren to Speak at 7th Annual Rocky Mountain Economic Low 16:00 USD Janet Yellen Speaks at the City Club of Cleveland Medium 17:00 USD Baker Hughes U.S. Rig Count (JUL 10) Medium 862