The Bank of Canada (BoC) will announce its decisions regarding its key policy interest rate decision on Wednesday, December 7th at 15:00 GMT.

During its previous meeting in October, the BoC left interest rates unchanged at 0.5%.

Traders will be watching this event with keen interest after OPEC’s deal to cut production last week sent the price of oil skyrocketing 14%, and in light of a recent rise in both Europe’s demand for natural gas, and the value of the Canadian dollar highs against its US counterpart (USD/CAD).

The major oil exporting country is expected to gain from these events as oil and natural gas make up a large part of the Canadian economy.

Volatility in CAD currency pairs and Canadian-based CFDs is anticipated to be high all throughout the day. These are the instruments most likely to be effected:

Financial Instrument (Symbol) BUY Price* SELL Price* Leverage Ratio
US Dollar/Canadian Dollar (USD/CAD) 1.3266 1.3261 1:200
Euro/Canadian Dollar (EUR/CAD) 1.4284 1.4275 1:200
WTI Crude Oil (CL) 51.48 51.44 1:100
Natural Gas (NG) 3.687 3.678 1:50
PotashCorp (NYSE:POT) 18.63 18.42 1:10

* CFD ‘Buy’ and ‘Sell’ prices as of Wednesday, December 6th at 11:25 GMT.

In light of recent events, what’s next for Canada’s economy? Don’t miss your chance to capitalise on this top trading opportunity!

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