Net-long positioning in the oil futures market remains near its yearly low, and its lowest level since August 2016.

Global equity markets tumbled last week, sending risk assets and gold prices lower. Central bank event risks fill the docket for the week, offering traders volatility.

The S&P 500 and Nasdaq 100 may find some support in the fact that the US economy remains resilient and that inflationary pressures are beginning to ease more quickly than initially expected.

The Bank of Canada (BoC) interest rate decision may keep USD/CAD afloat as the central bank is expected to adjust its approach in combating inflation.

The European Central Bank needs to hike interest rates by 75 basis points at next week’s meeting and confirm that it will continue to tighten monetary policy to throttle back runaway inflation.