Source: ForexYard
After yesterdays relatively calm trading session, today the economic calendar is filled with high impact data that threatens to sow large volatility into the market. Traders should pay special attention to the U.S Manufacturing PMI and Canadian Overnight Rate.
13:00 GMT: Canadian Overnight Rate
• Forecasts show that the Canadian Overnight Rate is expected to rise to 0.50%
• Market events like this one tend to create either big changes to current trends or push current trends even further.
• However, overall impact of the Interest Rate decision may in fact strengthen the Canadian currency in the longer run.
• Traders should focus their attention on this release, as it is expected to be the highlight of the week for Canadian markets.
14:00 GMT: U.S. Manufacturing PMI
• This indicator reflects the level of a diffusion index based on surveyed purchasing managers in the manufacturing industry.
• The indicator typically creates a volatile trading environment, affecting not only the USD crosses but also the value of Crude Oil and Gold.
• Disappointing results could send the EUR/USD pair above the 1.2400 resistance level.
Forex Market Analysis provided by ForexYard.
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