Bank of Canada (BOC) will make a statement on December 8, 17:00 GMT+2.
Will the Canadian dollar reverse?
Canada will release the level of GDP growth at 14:30 MT on October 31.
The indicator of GDP growth represents the change in the inflation-value of all goods and services produced by the economy. It is the broadest measure of economic activity. Policymakers use this data when making decisions regarding interest rates. Despite an anticipated increase by 0.1%, last time the indicator remained stable. As a result, the Canadian dollar weakened on the release. However, this time we may see a different outcome.
• If the indicator is higher than the forecasts, the CAD will rise;
• If the indicator is lower than the forecasts, the CAD will fall.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.