The Bank of England will release its monetary policy summary and announce the interest rate on September 19, at 14:00 MT time.
USD/CAD is still under pressure ahead of 1.24 handle
On Friday, the currency pair USD/CAD found itself under some selling pressure once again, thus eroding the previous session’s moderate revival move.
Overnight, comments from Donald Trump, telling that he needs a stronger greenback, actually helped the currency pair to rebound more than 100-pips from an intraday minimum of 1.2280, hit in the aftermath of positive Canadian core retail sales figures.
However, the recovery move didn’t manage to go further, stumbling on 1.2400 during Asia trade – it was tamed by some renewed US dollar weakness notwithstanding upbeat tone as for the US Treasury bond yields.
Nevertheless, further downside move was cushioned by a sudden retracement in crude prices that tends to affect demand for the commodity-linked currency – the Canadian dollar.
Aside from that market participants are currently staying away from placing hawkish bets, waiting for today's crucial macro reports from Canada and the United States for some new directional impetus.
We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
The European trading session will be highlighted by the events for the British pound. Traders will pay special attention to the BOE meeting at 14:00 MT.