Crude Oil traders must be on guard today due to the important EIA data release. See the list of the market moving events in AtoZ Forex 26 April Economic Calendar.
26 April, AtoZForex – We gradually move to the end of the trading week, as we approached Wednesday. Yesterday’s market moving events brought further volatility into the market. The prolonged volatility was due to the kick off on Sunday, which was triggered by the French election 1st round results as well as Trump trade deal commentaries.
26 April Economic Calendar
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Today, the market is not very rich by means of scheduled fundamental updates. In our 26 April Economic Calendar, traders should note the following scheduled updates:
- 12:00 PM CET MBA Mortgage Applications
- 1:30 PM CET Canada Core Retail Sales m/m
- 1:30 PM CET Canada Retail Sales m/m
- 3:30 PM CET EIA Petroleum Inventories
MBA Mortgage Applications – 12:00 PM CET
This is not a significant Forex market moving event. However, MBA Mortgage applications have impact on a number of US listed real estate companies as well as banks.
Mortgage Bankers Association of America releases the MBA Mortgage Applications on a weekly basis. Then, the association is calculating the monthly moving average of the indices. Moreover, the average takes indices for composites, purchases, refinancing, fixed mortgage rates, and adjustable mortgage rates into consideration.
Traders see this index as a leading indicator of the US Housing Market. The high reading is perceived as positive for the USD, where a low reading signals bearish USD trend.
Canada Core Retail Sales m/m – 1:30 PM CET
USDCAD was under attack yesterday after Trump trade deal comments. However, the pair failed to break above its 13 months high resistance level.
The CAD Core Retail Sales data is referring to the change in the total value of sales at the retail level. The data is excluding the automobiles sales since they emerge very volatile and tend to distort underlying trend. The Statistics Canada is releasing the data today at 1:30 PM CET.
The market consensus stands at -0.2%, where the previous reading came at 1.7%. In case the data will beat the forecast, CAD will get a boost, and vice versa.
Canada Retail Sales m/m – 1:30 PM CET
Canada Retail Sales refers to the change in the total value of sales at the retail level. Traders perceive it as a primary indicator of the consumer spending. It also accounts for the majority of overall economic activity.
The markets are expecting figures to appear at 0.0%. The previous reading came at 2.2%. Same as in the case with Canada Core Retail Sales, the better reading than expected is signaling a good trend for CAD.
AtoZForex Market Analyst Edmundas Povilavicius has provided the following USDCAD analysis:
“Looking at USDCAD from the technical perspective, the pair has corrected from Fibonacci 123.6% retracement level at 1.364. This gives us a possible intraday buy opportunity from Fibonacci 100% support level at 1.353.
Therefore, given good Canada Retail Sales data, we could look to long USDCAD from 1.353 and aim back towards a custom Fibonacci 110% level at 1.358 as our first target. Alternatively, should the price rise to test the 1.364 high once again, we could look to sell USDCAD. But only with a confirmation of a top or dovish fundamental data.”
EIA Petroleum Inventories – 3:30 PM CET
One of the key weekly reports for the oil market will be released today at 3:30 PM CET. The Crude Oil Inventories report is mirroring the change in the number of barrels of crude oil in the inventory by the commercial firms during the past week.
This is the US indicator, yet it largely affects USDCAD due to the fact that Canada is possessing substantial energy sector. Thus, the Crude Oil Inventories report is impacting the price of petroleum products, which, in turn, affect inflation. Moreover, it influences the growth of the economy, since many industries are depending on oil.
The market forecast shows -1.1M, with the previous figures appearing at -1M.
While this is a US indicator, it most affects the loonie due to Canada’s sizable energy sector It influences the price of petroleum products which affects inflation, but also impacts growth as many industries rely on oil to produce goods;
Think we missed something? Have something to add to our 26 April Economic Calendar? Let us know in the comments section below.