What will likely be the week’s most important economic event happens Wednesday and Thursday when U.S. Federal Reserve chairman Alan Greenspan testifies before the U.S. Congress about monetary policy.

Traders and investors will be closely monitoring the Fed chief’s testimony for clues to where U.S. interest rates are headed.

Otherwise the week presents a mixed bag of economic news.

On Monday, Statistics Canada releases figures for new motor vehicle sales and the December survey of manufacturing.

On Tuesday, the U.S. Commerce Department reports on retail sales for January and on business inventories for December.

Economists expect to see a decline of 0.4% in U.S. retail sales, but a rise of 0.4% excluding vehicle sales.

On Wednesday, in addition to Greenspan’s testimony before the Senate Banking, Housing and Urban Affairs Committee, the Federal Reserve releases its report on industrial production for January, and the U.S. Commerce Department reports on housing starts and.

On Thursday, Statistics Canada releases figures for December 2004 international transactions in securities.

While south of the border, the U.S. Labor Department reports on weekly jobless claims, while Greenspan testifies before the House Financial Services Committee about monetary policy.

Meanwhile, the U.S. Conference Board reports its monthly leading economic indicators index.

On Friday, the U.S. Labor Department reports on the producer price index for January.

On the earnings calendar, Axcan Pharma, MediSolution, Yellow Pages Income Fund, George Weston Ltd., SAMSys Technologies, Brascan Corp. report results.

Media giant Rogers Communications releases fourth-quarter earnings followed by conference call on Tuesday.Also reporting is Inco Ltd. and Home Capital Group.

WestJet Airlines holds an analysts’ conference call after the release of fourth quarter results/

-U.S. companies releasing financial results Tuesday include Deere & Co., Nordstrom Inc., Qwest Communications International and Reynolds American Inc.

On Wednesday, the Retirement Residences trust issues fourth-quarter and year-end results. Also reporting results are Wendy’s International Inc., Coca-Cola Co. and Hewlett-Packard Co.

On Thursday, High Liner Foods releases quarterly results, as does Barrick Gold and BPO Properties.

Ballard Power holds conference call to discuss 2004 results, while Axcan Pharma holds its annual meeting.

South of the border,Target Corp. and Wal-Mart Stores Inc. report quarterly results.

On Friday, the Consumers’ Waterheater Income Fund holds a conference call to review its latest quarterly results.

U.S. financial results are expected from Campbell Soup Co., J.M. Smucker Co. and jeweler Zale Corp.