The president of ECB, Mario Draghi will be speaking later today at 1:30PM UK to give an insight into some fundamental factors and monetary policy change for the European economy. The major theme of the day will be the low inflation in the Eurozone economy despite the on-going asset purchase. Last week, an ECB official in his statement said the Eurozone inflation is too low and he suggests increasing and extending the on-going Quantitative easing in other to boost economic growth towards increasing inflation close to the 2% target.
Market will be expecting Mario Draghi to make some comments regarding the low inflation in the euro zone, if he comes up with increasing the ongoing Quantitative easing , Euro is likely to drop across the board, EURUSD might drop back below 1.120. Failure to introduce more quantitative easing and talk down the EURO, we might see a rally on EUR. EURCAD might be the best pair to trade because of low oil price, which means a weaker Canadian dollar. EURUSD might rally to test the 1.17 level again.