Bank of Canada rate decision Tomorrow, 12 April 2017.
The Interest Rate Hike Decision by Bank of Canada. Check out the Analysis & Expectations by Forex Brokers!
Here is what FXGiants expect…
- The BoC is expected to remain on hold. The focus will be on the language of the meeting statement, and Governor Poloz’s press conference.
- The Bank has maintained a concerned tone in most of its recent communications.
- It may keep the door open for a near-term rate cut despite the latest progress in economic data. Something like that could hurt CAD.
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BOC Rate Statement and Monetary Policy Report
The Bank of Canada is due to deliver its interest rate decision and monetary policy report at 05:00 p.m. MT time.
The rate announcement is a crucial factor for the CAD exchange rate, so traders pay special attention to the BoC’s monetary policy announcements.
At the last meeting, the central bank’s officials decided to maintain their target for the overnight rate at 0.5%.
The bank’s Governing Council underlined the slack of Canadian economy compared to the US one.
Although the recent data have been persistently improving, the bank will likely prefer not to hike at the upcoming meeting pointing out at the uncertainties over Canada-US trade relationships.
The absence of the rate hike and moderate comments from the BoC may put Canadian currency under pressure.