Last week ECB president Mario Draghi’s remark at the ECS press conference provided a loop hole to contribute to the Greek bailout, by suggesting to distribute profits from Greek bonds to Greece. Meantime Greece is in a vicious cycle while the austerity measures posed by the EU paralyze market activity lowering consumption which in turn produces less tax revenues to cover its growing debt. Will Draghi’s suggestion help the struggling nation? Let’s start:

In the US, Ben Bernanke, Federal Reserve Chairman, is due to testify in Washington DC.

Last week, Gross Domestic Product edged down 0.1% in November following no growth in October. This is the first decline since May 2011 which was contrary to economists expectations of 0.2% expansion. The main drops occurred in the energy sector with oil and gas sliding 2.5% but the manufacturing sector increased 0.6% on durable goods. Employment data were weak with a rise in the unemployment rate, but the excellent job figures from the US provided lots of hope. Will we see better results next month?

Here’s an update on technicals, fundamentals and what’s going on in the markets.

In the US, Unemployment Claims, weekly report to value the unemployed that filed for insurance, due to reduce by 10K from the last month down to 389K.

Last week, the European Central Bank President Mario Draghi communicated calm and satisfaction with the central bank’s LTRO program saying it has successfully combated credit erosion. That move only provided temporary calm to the markets, until the massive downgrade by S&P for euro-zone countries and the collapse of talks between Greece and the banks. Also US data is beginning to worsen.

In the US, Dennis Lockhart, Federal Reserve Bank of Atlanta President, is about to speak in Atlanta.

Here are all the details, and 5 possible outcomes for USD/CAD.

Last week, Ivey PMI figures increased unexpectedly to 63.5 from 59.9 in the previous month suggesting expansion in the industrial sector. However employment data disappointed with higher unemployment rate of 7.5% from 7.4% in the prior month and a bit lower than expected job increase of 17,500 while 17,800 was predicted. Let’s see what this week has in store for us.

In the US, Building Permits the annualized amount of residential permits released in October was well beyond predictions reaching 650,000 after 590,000 in the prior month. A small drop to 630,000 is expected now.