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USD/CAD fundamentals-The FOMC interest rate decision is at BST today at 19:00 -Canadian inflation accelerated in May -Oil stocks are expected to have fallen by 1.1 million barrels   9:30 BST - UK, CPI inflation for May. Tory's race for leadership continues to dominate the UK news and hence the GBP trading. However, merchants can now view the upcoming May CPI data and pay attention to it twice as the Bank of England announces the outcome of its interest rate decision tomorrow. The primary expectation of market consensus is 2.1% to 2% Y / N is expected to decline. The core may show a slowdown from 1.8% to 1.6%. EE 13:30 BST - Canada, May CPI inflation. Canada has provided somewhat mixed data with the disappointing result of the manufacturing sector, coupled with solid labor market growth, with full-time jobs improving. Inflation accelerated, and the market consensus suggests that the main CPI may reach 2.2% in May in the US. However, it should be borne in mind that the next BoC step may depend on what the Fed is doing today. 15:30 BST - DOE report on oil stocks. The API report released yesterday showed a decline in oil stocks. It was Smaller than the market was waiting for, then the oil dropped slightly. However, oil traded a little higher on Wednesday morning, as the OPEC + group is close to agreeing to meet in early July. However, the DOE report shows that solid stockpiling can quickly evaporate. According to the market consensus, 1.1 million barrels are expected to fall. 19:00 BST - FOMC interest rate decision. It's time for the seven most important events. Investors can finally get the answer to what the Federal Reserve is beginning to do with interest rates due to the recent deterioration in US data. The market is almost certain that the US central bank will cut interest rates next month. The question remains, whether the continuation of this will be given by the present-day dot chart answer. President Powell will start the press conference (7:30) 30 minutes after the announcement of the decision. Speeches by Central Bankers: - 11:00 BST - (Riksbank) Jansson - 15:00 BST - (ECB) President Draghi (Closing remarks on Sintra forum) USDCAD climbed higher in the past two weeks as the USD strengthened significantly. The development of the pair was defeated by the combination of the 50 SMA (green line) and the 61.8% Fibo level of the March downward movement. USDCAD later retreated to the support zone, ranging from 1.3375 to 1.3390, and is now awaiting FOMC's decision.
by LszlRakonczai