The euro saw substantial bullish movement today, as a better than expected German ZEW Economic Sentiment figure pushed euro-zone debt worries out of the spotlight. The figure came in at 15.4, after analysts had originally anticipated a number closer to 6.5. As a result, the euro has been able to extend its bullish run against the USD and JPY. Currently, the EUR/USD stands at 1.3405 while the EUR/JPY is trading just above the 110.60 level.

Turning to the rest of the day, significant news out of Canada is expected to generate volatility in the marketplace. At 14:00 GMT, traders will want to pay attention to the BOC Rate Statement. As the primary way the Bank of Canada communicates monetary policy, the statement will likely impact CAD pairs, with positive information boosting the loonie.