Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
Canadian inflation in the spotlight
Canada will report inflation data on Friday, expected to show inflation has picked up pace in October, which could encourage the Bank of Canada to take a closer look at monetary policy tightening after Senior Deputy Governor Carolyn Wilkins said the central bank will stay cautious as it considers future interest rate hikes.
Economist expected Canadian consumer price inflation in October to jump to 0.3%, slightly above the 0.2% rise in the previous month.
The Canadian dollar has given back gains against the greenback in recent sessions as falling oil prices continued to weigh on the oil-sentiment loonie.
Ahead of the data, USD/CAD fell by 0.10% to C$1.2750.
Baker Hughes rig count
The weekly instalment of drilling activity from Baker Hughes on Friday, will provide investors with fresh insight into U.S. oil production and demand after data last week showed the number of oil rigs operating in the US rose by 9 to 738, the highest in almost a month.
The weekly rig count is an important barometer for the drilling industry and serves as a proxy for oil production and oil services demand.
Crude futures settled 19 cents lower at $55.14 a barrel on Thursday as investors fretted over a potential uptick in global supply amid reports that Turkey and Iraq discussed resuming exports from the Kirkuk-Ceyhan pipeline.
Bitcoin record highs coming soon
In what has been a tumultuous week in the cryptocurrency space, bitcoin is attempting to test its recent highs of $7895, just a few days after it fell to a two-week low below $5,500.
Investor sentiment on bitcoin has turned positive as fears that bitcoin cash could usurp bitcoin as the main cryptocurrency faded after the payments company Square said it was testing support for bitcoin to allow customers to buy and sell the digital currency through its payment app Cash.
Bitcoin rose 6.07% to $7,715.