Bank of Canada: a moment of truth

Bank of Canada: a moment of truth

The Bank of Canada is due to deliver its interest rate decision and monetary policy report at 17:00 MT time on September 5. The rate announcement is a crucial factor for the CAD exchange rate, so traders pay special attention to the BOC meetings.

Canada’s inflation rose to 3% for the first time since 2011 in July. This unexpected increase puts pressure on the Bank of Canada to accelerate interest-rate hikes. Canadian central bank has already raised interest rates four times since last year to cool the economy. The market expects the BOC to increase the Overnight Rate by October. This won’t necessarily happen in September. Yet, the meeting will still be very important and lead to big swings in USD/CAD and other pairs containing the Canadian currency.

• If the Bank of Canada raises the Overnight Rate, the CAD will rise.

• If the Bank of Canada doesn’t raise the Overnight Rate and gives negative comments, the CAD will fall.

Check the economic calendar


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How to trade ahead and after BOC report?
How to trade ahead and after BOC report?

The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.

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USD is on the back foot after Trump's comments

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The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.

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Stocks up, USD down

S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.

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