BOC DECISION, U.S. CPI AND RETAIL SALES, FOMC MINUTES, AND THE UPCOMING WEEK IN FX (APRIL 10–14) DUE

Another short trading week, but a very busy!

The BOC statement, the FOMC minutes, and the top-tier US data, especially the CPI and retail sales numbers, are all scheduled to be released.

The economic events

Figures for the U.S. headline and core CPI (Apr. 12, 12:30 pm GMT) – First up, we have the official CPI data from Uncle Sam, which should provide us further insight into potential future Fed actions.

From a 0.4% month-over-month increase in February to merely a 0.2% increase in March, headline inflation is predicted to decrease down, effectively lowering from 6.0% to 5.2%. The report decline from 0.5% to 0.4%.

BOC's statement dated April 12, 2:00 PM GMT - The decision of the Canadian central bank to maintain interest rates at 4.50% is expected to be announced midweek.

While officials already sat on their hands in a lengthier delay in tightening for the time being, it now been long priced in by the markets.

Because of this, the Loonie pairs may react more strongly to their economic forecast for the coming months, so keep an eye on the press conference at 3:00 PM.

Minutes of the FOMC meeting (April 12, 6:00 PM GMT) - The Fed made the decision to increase interest rates by 0.25%, from 4.75% to 5.00%, in their March policy statement to talk about the banking sector while still aiming to contain price pressures.

Further information on how concerned the committee members are about the recent liquidity shakeup, the slowdown in employment and inflation, should be available in the meeting's transcript.

However, keep in mind that following the March meeting, a new set of jobs data and PMI readings were released that were negative, comments should maybe be taken with a grain of salt.

Australia's employment report was released on April 13 at 1:30 GMT. The Land Down Under may report a little decline in hiring for March after printing an unexpectedly high headline jobs total in February.

Decrease in employment for 21.2K, down from 64.6K. Moreover, it is expected to increase by 0.1% to 3.6%.

U.S. retail sales (12:30 PM GMT, 14 April) - March is expected to see a further decrease in consumer spending, with the headline retail sales figure possibly showing a 0.5% monthly decline and the core reading possibly posting a 0.4% decline.

Following the 0.4% fall in headline retail sales and the 0.1% decline in the core number for February, this would suggest a little more pronounced reduction in expenditure. Results that are less impressive further derail Fed tightening plans.

I'm looking for a little bit more volatility on USD/CAD since it's going to be a busy week for both the US dollar and the Canadian currency.

Will there be a further selloff？

The price of the pair is at the hourly time frame's 38.2% Fibonacci retracement attempts to recover from its most recent decline.

The 100 SMA is below the 200 SMA, and Stochastic is descending, which are technical indicators that the decline will continue.