Bank of Canada’s Meeting

Bank of Canada’s Meeting

Last time the Bank of Canada raised the interest rate by 0.25 percentage point (from 1.0% to 1.25%). That’s why it is more likely that the bank will not increase the rate two times in a row. However, analysts expect two more rate hikes later this year. As central banks usually use their statements to explain monetary policy and economic conditions, the BOC may give some clues about the future rate hike. Remember that rate increases have a positive impact on domestic currency. As a result, any hints on higher rates in 2018 will drive the CAD up, while the absence of such comments will be negative for Canadian currency. The Bank of Canada will announce its monetary policy at 17:00 MT time on March 7.
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