The U.S. Dollar was not the only currency to see gains against the Euro in the last 24 hours. The Canadian Dollar rallied against the Euro in early morning trading and even hit its highest level since November 2008, at 1.4977. The pair has since corrected itself and has currently returned to its normal levels of around 1.4990. Still, traders may want to keep an eye out for any unusual activity from this pair. It appears that exciting things can happen on the market despite slow trading.

Despite a predicted slow news day for the Euro today, there are still a few things that may inject some volatility into the market. Chief among these is the German Prelim CPI, the Euro-Zone's earliest consumer inflation report. Consumer inflation can play a direct role in interest rate levels which directly impact currency values. With a forecasted increase of 0.6%, the Euro may receive a much needed boost providing the predictions are correct.

Traders may want to take into account the results of the German Prelim CPI when looking at the U.S. Consumer Confidence report. If both come out as predicted, the EUR/USD pair may take some interesting turns in trading today.