- BOC Business Outlook Survey: Monday, 14:30. This well-respected survey looks at a wide range of business conditions, including spending and hiring expectations. It should be treated as a market-mover.
- ADP Non-Farm Employment Change: Thursday, 12:30. This report has been showing sharp job losses and came in at -100.8 thousand in February. Will we see an improvement in March?
- Housing Starts: Friday, 12:15. Housing starts slipped to 246 thousand in February, down from 282 thousand. Analysts expect a rebound in March, with a forecast of 254 thousand.
- Wholesale Sales: Friday, 12:30. Wholesale Sales jumped 4.0% in January, its best month since July. A downturn is expected in February, with an estimate of -0.5%.
Technical lines from top to bottom:
We start with resistance at 1.2869.
1.2759 is next.
1.2640 was tested at the end of March.
1.2510 (mentioned last week) is an immediate support line.
1.2398 has held since mid-March.
1.2288 is an important monthly support level. It is the final line for now.
The Canadian economy is finding its footing, and employment numbers continue to impress. The US economy is also heating up, which should raise risk sentiment and boost minor currencies such as the Canadian dollar.
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