WEEKLY MARKET OUTLOOK : CAD Surges, Silver & GOLD Explode & Oil Crashes — What’s Next This Week?

Da-Costa Assumang • August 11, 2026
 
Da-Costa Assumang

Introduction

Last week, CAD emerged as the strongest Forex currency while JPY underperformed, with CADJPY gaining 0.91%. In commodities, Silver surged 10.20%, while USOIL declined 8.78%. In crypto, Cardano (ADA) led with a 14.40% gain, while BONK fell 10.79%. In equities, technology stocks gained 7.30%, led by Palantir, while Inno Holdings plunged 71.4%.

This week, attention shifts to key economic events and market catalysts, including Australia’s interest-rate decision and U.S. CPI, which could drive AUDUSD volatility. Gold and Bitcoin remain technically bullish but face key resistance levels, while USOIL will be sensitive to Middle East and Strait of Hormuz developments. Cisco also remains in focus as strong AI infrastructure demand supports its bullish outlook, with earnings expectations potentially adding volatility.

Previous Week’s Important Events and Impact: 

Forex: CAD was the strongest currency, while JPY was the weakest. CADJPY led the market with a +0.91% gain (102.2 pips), supported by stronger-than-expected Canadian employment data and a drop in unemployment to 6.4%. NZDCAD was the weakest pair, falling -0.62% (-51.5 pips) as New Zealand’s unemployment rate rose to 5.6%.

Commodities: XAGUSD (Silver) was the top performer, gaining +10.20%, driven by weaker US labour-market data and reduced expectations of near-term Fed rate hikes. USOIL was the biggest loser, declining -8.78% amid uncertainty surrounding the reopening of the Strait of Hormuz.

Crypto: ADAUSD (Cardano) led with a +14.40% gain, supported by increased whale accumulation, institutional interest, governance developments and rising derivatives activity. BONKUSD was the weakest performer, falling -10.79% after a South Korean exchange announced plans to delist the token, triggering heavy selling pressure.

Stocks: US equities rallied strongly, with the technology sector gaining 7.30%. Palantir Technologies was a major standout, surging nearly 40% on strong earnings. Inno Holdings (NASDAQ: INHD) was the biggest loser, plunging -71.4%.

Important Events This Week:

FOREX : AUDUSD

Australia Interest Rate and US CPI : This week, the forex market will focus on two key events: Australia’s interest rate decision on Tuesday, 11 August at 4:30 AM GMT, with the rate forecast at 4.35%, as the RBA monitors slowing economic activity and tighter financial conditions and US CPI data on Wednesday, 12 August at 12:30 PM GMT, following June’s 0.4% monthly decline, driven mainly by a sharp drop in energy prices.

The downtrend from 0.72770 broke upward at 0.70590 last week, signaling a potential trend reversal and bullish momentum. The move was supported by weaker-than-expected US jobs data, which weakened USD strength. If the breakout holds, bulls could target 0.71000 however, a failed breakout could send the pair toward 0.69240, with Australia’s interest-rate decision and US CPI data likely to influence the next move. 

METALS : XAUUSD ( GOLD )

Gold prices climbed more than 7% last week to above $4,340 per ounce, driven by weaker U.S. employment data and expectations of easing tensions in the Middle East, which reduced concerns over global inflation. 

Gold’s downtrend broke above $4,097 from $5,415, signaling bullish momentum. The move was supported by weak U.S. jobs data, which weakened the USD and reduced Fed rate-hike expectations. If the breakout holds, gold could reach $4,600 otherwise, it may decline toward $3,282. 

ENERGY : USOIL

Oil prices were highly volatile last week, falling below $79 per barrel early in the week before rebounding above $86, mainly due to uncertainty surrounding Strait of Hormuz negotiations and escalating military tensions in Saudi Arabia. 

Oil’s uptrend from $66.90 held support around $75, signaling bullish momentum. Hormuz diplomatic hopes initially pushed prices down toward $79, while Houthi attacks on Saudi Arabia later lifted prices above $86. If the bullish rejection holds, oil could target $88; otherwise, it may fall toward $73.20 amid continued Hormuz uncertainty. 

CRYPTO : BTCUSD ( BITCOIN )

Bitcoin traded in a volatile range between $62,274 and $65,230 last week, ending about 3% higher. Price movements were driven by weak U.S. jobs data, macroeconomic changes, regulatory delays, limited ETF inflows, and geopolitical tensions. 

Bitcoin’s uptrend from $57,686 faced rejection around $62,250, influenced by weak U.S. jobs data and delays to the Digital Asset Market Clarity Act. If bullish momentum resumes, BTC could target $71,950 otherwise, it may fall toward $61,970, supported by cooling U.S. inflation and whale accumulation. 

STOCKS : CISCO

Cisco (NASDAQ: CSCO) shares climbed 4.81% last week, rising from $115.86 to $121.43, supported by optimistic analyst views on growing demand for AI infrastructure. 

Cisco’s uptrend from $76 rejected around $111, supported by strong investor optimism over its AI infrastructure growth and the company’s higher FY2026 order target of $9 billion. If the bullish momentum holds, price could reach $139; otherwise, it may decline toward $107, with Q4 FY2026 earnings expectations adding further volatility.