Today the forex market economic calendar has important economic data related to the economies of Canada and the US. Therefore the USD/CAD currency pair is expected to show increased volatility.
These are the most important economic events in the forex market today to focus on:
1. Canada Inflation Rate, Core Inflation and Retail Sales
Time: 12:30 GMT
A rising inflation rate may weigh on the Bank of Canada to raise interest rates to control inflation, which is positive for the Canadian Dollar. Higher than expected or rising retail sales reflect higher consumer confidence and consumer spending, positive factors for higher economic growth. The forecasts are for an inflation rate of 1.6% on a yearly basis, higher than the previous reading of 1.4%, and on a monthly basis a reading of 0.5% for retail sales, higher than the previous reading of 0.4%. If both forecasts are indeed accurate, these both factors should be considered positive for the Canadian Dollar.
2. US Existing Home Sales
Time: 14:00 GMT
This economic data measures the change in sales of existing homes, and provides insights on the housing market conditions. In general rising figures are considered positive for the US Dollar, reflecting a strong housing market. The forecast is for a figure of 5.30 million, lower than the previous reading of 5.35 million.
3. Fed Yellen Speech and Fed Mester Speech
Time: 23:30 GMT and 18:00 GMT
A speech by Janet Yellen, Chair of the Federal Reserve is scheduled at 23:30 GMT, and will be monitored by the forex market participants, for any update and new statements on monetary policy, economic conditions and growth, which can have an effect on the US Dollar.
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