Markets are bracing themselves for a busy and an interesting week that will see a lot of top-tier events. Fed Chair Powell will head to Congress for two days of semiannual testimonies while Bank of Canada and Bank of Japan will announce rate decisions. Last but not least, jobs data for February from the United States and Canada will be released on Friday. Be sure to watch US500, CADJPY and USDCAD next week!
US500
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Open account Try demo Download mobile app Download mobile appFed Chair Powell will appear in US Congress next week for semiannual testimonies. Powell will appear before the Senate Banking Committee on Tuesday, 3:00 pm GMT and before the House Financial Services Committee on Wednesday, 3:00 pm GMT. Text of a speech is usually released around an hour and a half before the first testimony, so somewhere around 1:30 pm GMT on Tuesday. The text of the speech will be the same on both days but questions from lawmakers during Q&A session are likely to differ. USD and equity indices, like US500, are likely to see some action during Powell's testimonies.
CADJPY
CADJPY could be one of FX pairs on the move next week as both Bank of Canada and Bank of Japan are set to announce rate decisions. BoC will announce its rate decision on Wednesday, 3:00 pm GMT and the market expects no move as Canadian central bankers point to a pause in the rate hike cycle. Similar expectations are for the BoJ rate decision, scheduled for Friday's Asian session. A surprise, however, could have a big impact on CADJPY that is attempting to deliver a lasting break above 100.00 mark.
USDCAD
USDCAD traders may see quite a lot of action next week. Apart from Powell's congressional testimonies and Bank of Canada rate decision, the pair is also likely to experience a move on Friday at 1:30 pm GMT when jobs data for February from the United States and Canada is released. The biggest attention will be drawn to the US report as traders are eager to show whether solid jobs growth from January extended into February. USD may also see some action on Wednesday when the ADP employment report is released (1:15 pm GMT).
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