Australia will release employment change and an unemployment rate on July 15, at 04:30 MT time.
Will the CAD rise?
Bank of Canada announces its interest rate and gives a press conference on Wednesday at 17:00 MT time.
Instruments to trade: USD/CAD, EUR/CAD, AUD/CAD, CAD/JPY
During March, the Bank of Canada gradually reduced the interest rate from 1.75%, where it’s been since the end of 2018, to the current level of 0.25%. Monetary policymakers expressed their commitment to respond to the economic environment as required. That means, although emergency moves have been already taken, there may be more. Also, as the oil industry is the base factor for the country’s prosperity, the status of the oil price war will be taken into account by the Canadian financial authorities. If the outlook will be even moderately positive, it will boost the CAD.
- If the Bank of Canada is hawkish, CAD will rise.
- If the Bank of Canada is dovish, CAD will fall.
The Bank of Canada will publish a rate statement and update on the interest rate on Wednesday, at 17:00 MT time.
Much impactful news will come out! Read the article to get fresh trade ideas for the whole week!
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.
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!