Analysts at TD Securities note that in Canada existing home sales for December will provide the lone data release for Wednesday.

• "Preliminary sales data from Vancouver suggests another sizable pickup in regional sales activity even after rising 55.9% y/y through November, but results from the Toronto real estate board showed a modest pullback.
• With the Bank of Canada monitoring for signs of froth in major housing markets, further acceleration in Toronto and Vancouver could raise red flags for those at the Bank and provide a more difficult environment to provide accommodation to the rest of the economy."