Currency: CAD Importance: 3 Forecast: 3.75% Previous: 4.25% Notes: The Bank of Canada (BOC) is expected to cut rates by 50bps as price pressures ease.

Headline inflation declined more than expected to 1.6% last month. This combined with signs of a slowing economy, has convinced market participants that the BoC will go for a bigger 50bps cut next week. A reminder that the BoC has already cut rates by a cumulative 75bps since early June.

USDCAD has risen given this relative widening in rate cut expectations, with the pair trading up to 1.3800 from 1.3415 in early October.

Traders can expect significant volatility around and post the BoC release next Wednesday.

Historical Impact: USDCAD | CADJPY

Currency: USD Importance: 3 Forecast: 3.88M Previous: 3.86M Notes: Existing Home Sales measures the change in the annualised number of existing residential buildings that were sold during the prior month. This report helps to gauge the strength of the U.S. housing market and is an important indicator of overall economic strength.

A reading that is stronger than forecast is generally supportive (bullish) for the USD, while a weaker than forecast reading is generally negative (bearish) for the USD.

Historical Impact: USDJPY

Currency: USD Importance: 3 Previous: -2.191M Notes: The Energy Information Administration's (EIA) Crude Oil Inventories measures the weekly change in the number of barrels of commercial crude oil held by US firms. The level of inventories influences the price of petroleum products, which can have an impact on inflation.

If the increase in crude inventories is more than expected, it implies weaker demand and is bearish for crude prices. If the increase in crude is less than expected, it implies greater demand and is bullish for crude prices.

Historical Impact: USOILX4

Currency: GBP Importance: 2 Actual: 52.6 Notes: Sterling pairs have seen several weeks of weakness following Fed's 50bps cut in September where GBPUSD traded as high as 1.3433.

We have seen a slew of robust US data releases including strong payrolls and higher-than-expected CPI casting doubts on aggressive price cuts priced in for the next 12 months. Historical impact on Assets: GBPUSD

Historical Impact: GBPUSD

Currency: USD Importance: 3 Forecast: 243K Previous: 241K Notes: Initial Jobless Claims measures the number of people who filed for unemployment insurance for the first time during the past week. This is the most timely U.S. economic data, but the market impact varies from week to week. A higher reading is generally negative (bearish) for the USD, while a lower reading is generally supportive (bullish) for the USD. Historical Impact: USDJPY

Currency: USD Importance: 3 Actual: 47.5 Previous: 47.3 Notes: The Manufacturing Purchasing Managers' Index (PMI) is a diffusion index incorporating survey results provided by manufacturing firms throughout the country. A reading above 50 suggests the manufacturing sector is expanding, while a reading below 50 suggests it is contracting.

Historical Impact: USDJPY

Currency: USD Importance: 3 Actual: 55.0 Previous: 55.2 Notes: The Service PMI release is published monthly by Markit Economics. The data are based on surveys of over 400 executives in private sector service companies.

Historical Impact: USDJPY

Currency: USD Importance: 3 Actual: 717K Previous: 716K Notes: New Home Sales measures the annualized number of new single-family homes that were sold during the prior month. When it's released ahead of Existing Home Sales, this report tends to have more impact because the two reports are highly correlated.

Historical Impact: USDJPY

Currency: USD Importance: 3 Actual: -1.1% Previous: 0.0% Notes: Durable Goods Orders reports the change in the total value of new orders for long-lasting manufactured goods, including transportation items.

Historical Impact: USDJPY

Currency: USD Importance: 3 Forecast: 4.64% Previous: 4.88% Notes: A continued easing of inflation and a robust labour market could give the Fed more room to implement rate cuts without stoking inflation fears, supporting the case for a soft landing.