With a host of economic releases, certain to have traders licking their lips, the Bank of Canada takes center stage as it is set to release several statements and reports along with the Overnight Rate before holding a press conference with BOC Gov Poloz taking the podium. With the CAD enjoying some relief to the tune of 10% from its year to date lows against the USD and with stabilizing crude oil prices around the 50USD mark, Cad bulls will be looking for any morsel to confirm that the Canadian economy is back on track so that they may continue their charge towards last years highs. Today’s events offer just such an opportunity, should the BOC release a better than expected view of the Canadian economy, one in which they see stability in growth and employment, we would see the CAD appreciate against its rivals while a more sober tone of impending sluggishness in the economy will see the CAD depreciate against its rivals.

Today’s key economic releases are as follows:

UK

  • Average Earnings Index 3m/y expected at 2.3%
  • Claimant Count Change expected at 3.4K
  • Unemployment Rate expected at 4.9%
  • MPC Member Haldane Speaks

USD

  • Building Permits expected at 1.17M
  • Housing Starts expected at 1.18M
  • FOMC member Dudley Speaks

CAD

  • BOC Monetary Policy Report
  • BOC Rate Statement
  • Overnight Rate expected unchanged at 0.5%
  • BOC Press Conference
  • BOC Gov Poloz Speaks

AUD

  • Employment Change expected at 15.2k
  • Unemployment Rate expected at 5.7%
  • NAB Quarterly Business Confidence previously at 2

Crude Oil

  • US Crude Oil Inventories expected at 2.2M