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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1) ECB Countdown

The European Central Bank is widely expected to unveil plans for massive bond purchases when it meets on Thursday. A Fed-style quantitative easing program is the last big weapon in the central bank's arsenal to boost the region's ailing economy and revitalize financial markets.

2) Gold Rallies

Anticipation of a move by the ECB is driving up gold prices. The precious metal is trading above $1,300 an ounce -- its highest level 5 months. Gold benefits from bets from money printing as the commodity is seen as a safe store of value and a hedge against inflation.

3) Earnings & Economics

American Express (AXP) and eBay (EBAY, Tech30) will post earnings after the closing bell. On the economic front, the US Census Bureau reports monthly housing starts and building permits at 8:30am ET.

4) Market Recap

US markets notched slim gains Tuesday, with the S&P 500 up 0.2% and the Nasdaq adding 0.4%. The Dow Jones industrial average was steady.

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What is it? It's among the primary method the BOC uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate decision, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.

When? January 21^st at 11:15am Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD to rise.

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What is it? It checks the interest rate at which major financial institutions borrow and lend overnight funds between themselves.

Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future.

When? January 21^st at 10:00am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.

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What is it? It's the primary tool the BOC uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.

When? January 21^st at 10:00am Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD to rise.

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What is it? It provides valuable insight into the bank's view of economic conditions and inflation - the key factors that will shape the future of monetary policy and influence their interest rate decisions.

When? January 21^st at 10:00am Eastern Time.

Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD to rise.

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What is it? It checks the annualized number of new residential building permits issued during the previous month.

It's an excellent gauge of future construction activity because obtaining a permit is among the first steps in constructing a new building.

When? January 21^st at 8:30am Eastern Time.

Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.

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Other top stories:

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The Importance of Diversification

How I Made Over $30,000 a Year by Investing in Binary Options

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