Global macro overview for 15/07/2015:
The Canadian BoC interest rate decision is the main event today, with a high volatility coming into USD/CAD and other Canadian crosses in the time of data realse. The market does not expect any rate cut yet, but please bare in mind that the BoC was the first among the central banks to cut the rate to 0.75% early this year (Jan 21st). If the BoC cuts the rate again to the level of 0.5% due to deteriorating economic conditions and falling oil prices, the USD/CAD pait might jump above the yearly highs (1.2835 seen in March 2015).
The news realse is scheduled as follows ( all time GMT):
14:00 Canada BOC Monetary Policy Report for 3rd quarter
14:00 Canada Overnight Rate forecast 0.75% vs Expected 0.75%
14:00 Canada BOC Rate Statement
15:15 Canada BOC Press Conference