Canadian Dollar Close to Six-Week Highs in Light of Interest Rate Decision and Rising Oil Prices. Tomorrow at 15:00: Bank of Canada Interest Rate Decision.
This article is originally referred from Fortrade News.
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|
* 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!
Original Source: Fortrade News