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The US dollar is rallying against most of its major rivals after Friday’s NFP report showed a multigenerational in the unemployment rate (though that wasn’t enough to make wage growth accelerate). Amidst a US bank holiday, the world’s reserve currency is rising against the “commodity dollars” and mainland European currencies, though it is losing slight ground to the yen and British pound.

It’s a testament to the success of the Federal Reserve’s post-crisis “Communication-as-a-Policy-Tool” philosophy that investors have “known” the outcome of this week’s Fed meeting (and likely the November and December Fed meetings as well) for weeks already.

The Canadian dollar has endured a volatile day because of the slump in oil prices on the back of the latest US oil inventories report and a more hawkish Bank of Canada policy statement than expected. As we go to press, however, the Loonie is higher across the board, even though oil prices are significantly weaker on the day. For some CAD crosses, the volatility will remain high for the remainder of this week, due to the sheer amount of fundamental data or events scheduled over the coming days. Tonight, for example, will see the release of important Australian jobs data, while tomorrow is the Bank of England’s turn to deliver its rate decision and assessment on the UK economy following the Brexit vote. Thus the AUD/CAD and GBP/CAD could be among the key pairs to watch over the next 24 hours or so for trading opportunities.

With stocks, pound and yen dominating the headlines in recent weeks, traders haven’t paid as much attention to what still is the world’s most heavily-traded FX pair: the EUR/USD. Given that the respective meetings of the Bank of Canada and Bank of England are scheduled for later today and tomorrow, the EUR/USD may not garner much attention during this period either. But then the focus turns to key US data at the end of this week and next week there will be some important macro pointers from the Eurozone, too, as well as the policy meeting from the European Central Bank. So, the EUR/USD should come under spotlight fairly soon.