The Bank of Canada is forecast to increase its target rate for overnight loans for the sixth consecutive time by a quarter percentage point to 4% on Tuesday.

Also Tuesday, Statistics Canada releases report on unemployment insurance for February.

On Thursday, StatsCan releases its business conditions survey for April.

Separately, the Bank of Canada releases its monetary policy report.

On Friday, StatsCan releases gross domestic product data for February. Economists expect an increase of 0.2%.

South of the border

On Tuesday, the U.S. Conference Board releases consumer confidence data for April. Economists expect a reading of 106.

Separately, the U.S. National Association of Realtors releases existing home sales figures for March. Annualized sales of 6.7 million units are expected.

On Wednesday, the U.S. Commerce Department releases durable goods orders for March. Economists expect a gain of 1.7%.

Separately, Commerce reports on new home sales in March. Economists expect annualized sales of 1.1 million units.

As well, the U.S. Federal Reserve Board issues the Beige Book, a summary of economic conditions in the 12 Fed districts.

On Thursday, the U.S. Labor Department’s initial job claims for the week of April 22 is expected to come in at 305,000.

As well, U.S. Federal Reserve Board chairman Ben Bernanke testifies in Washington before a Joint Economic Committee hearing on the economic outlook.

On Friday, the U.S. Commerce Department releases preliminary gross domestic product data for the first quarter. Economists expect an annualized rise of 5%.

The Chicago arm of the National Association of Purchasing Managers releases its index of manufacturing activity for April. A reading of 58.3 is expected.

The University of Michigan releases its final index of consumer sentiment for April. Economists expect a reading of 89.

Corporate earnings

On the earnings front, last-quarter corporate profit growth remains robust.

Already 165 of the S&P 500 have reported. Only 12% of the companies that have reported were below expectations, compared with 20% normally.

The Canadian companies scheduled to report their first quarter results this week are Teck Cominco Ltd. Monday; Canadian Pacific Railway Ltd., Petro-Canada, Rogers Communications Inc. and Shell Canada Ltd. on Tuesday; EnCana Corp. and Abitibi-Consolidated Inc. on Wednesday; Sun Life Financial Inc. and Thomson Corp. on Thursday; and Cameco Corp. and TransCanada Corp. on Friday, according to Bloomberg.

Among the U.S. companies scheduled to report are American Express Co. and Xerox Corp. Monday; Occidental Petroleum Corp. on Tuesday; E.I. du Pont de Nemours & Co. on Wednesday; and Dow Chemical Co., Exxon Mobil Corp. and Kellogg Co. on Thursday.