What's coming up in North American trade

US CPI for January is due at the bottom of the hour. It's forecast to rise 0.1% m/m after a 0.1% decline in December. The year-over-year estimate is just 1.5%, which underscores the Fed's ability to be patient. Excluding food and energy, however, the consensus is +2.1%.

Canadian housing data is due at the same time with the Teranet house price inced. The market is increasingly sensitive to Canadian home price data as the market continues to cool and worries mount.

Other events to watch include Mester and Bostic (1350 GMT), weekly oil inventories (1530 GMT) and the Fed' Harker (1700 GMT).

For more, see the economic calendar.