NORWAY'S Norges Bank has been widely tipped as the next central bank to raise interest rates thanks to rising inflation rates in the Scandinavian oil producer. Norges Bank's decision is due at 1pm UK time on Wednesday. FX traders should look at going long on <strong>Norwegian krone-Japanese yen</strong> as the yen is expected to suffer against a more risk averse backdrop. Currencies Direct offers a price of &yen;16.5512.<br /><br />Over the next few days traders may also consider buying <strong>US dollar-yen</strong>. The yen's rally appears to have lost some steam and we could see a squeeze higher towards &yen;92.90. ETX Capital is offering a spread of two basis points around the spot of &yen;92.09.<br /><br />A weakening greenback may have seen the <strong>US dollar-Canadian dollar</strong> pair trade as low as 1.0250 this month but rhetoric from the Bank of Canada has suggested that rates aren't rising any time soon. Although a sell-off of the loonie is already underway, positive third quarter data from the US on Thursday could well accelerate this run. The current IG Index price is Ca$1.0695-Ca$1.0699.<br /><br />And, of course, sterling has been suffering of late but sentiment is currently so negative that it may well be worth looking at going against the herd and buying the pound against the US dollar. Capital Spreads offers <strong>sterling-US dollar</strong> at $1.6340-1.6342.<br />