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The Bank of Canada will publish a rate statement and update on the interest rate on Wednesday, at 17:00 MT time. The statement normally contains commentary about the economic conditions and insights into further monetary policy decisions. A recent survey by the Bank of Canada showed improving business sentiment as vaccines roll out. This situation may indicate that the BOC is looking forward to more hawkish steps.
Due to analysts' predictions, traders need to pay particular attention to the changes made in the statement. If the Bank of Canada expresses readiness for an earlier-than-expected rate hike, the Canadian dollar may strengthen.
Instruments to trade: USD/CAD, EUR/CAD, CAD/JPY
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
Much impactful news will come out! Read the article to get fresh trade ideas for the whole week!
Canada will reveal its jobless rate and employment change for June on July 9, 15:30 MT.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
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