Weekly Preview: ECB & BOC to Move the Majors

Welcome to a New Trading Week Guys,

Last week was a big one, where equities continued their charge and the USD found some momentum as we ended the week with a bang.

On Friday things started to look pretty bullish for the USD as the Trump administration’s Tax Reforms took a big step forward. That meant the majors all started to get moving and we saw some massive charges in a number of pairs including the USD/JPY and the USD/CAD.

Looking at the US Dollar Index it’s clear that the momentum is strong and to the upside. I suspect we will be taking out 94.00 in the near future and as such I will be trading with that plan in mind.

US Dollar Index – 240 min Chart.

This week we will be looking to see whether that momentum can continue with the headline this week going to be centered around the ECB and their latest interest rate decision. However, let's not forget about the BOC who will also be releasing their interest rates also.

Top Economic Data This Week

Tuesday

EUR – German Manufacturing PMI

Wednesday

AUD – CPI

EUR – Business Climate

GBP – GDP

USD – Core Durable Goods & New Home Sales

CAD – BOC Monetary Policy

Thursday

EUR – ECB Interest Rate Decision

USD – Pending Home Sales

Friday

USD – GDP