The Bank of Canada May Push the CAD
The Bank of Canada will publish a rate statement and update on the interest rate on Wednesday, at 17:00 MT time.
Canadian CPI
Inflation data is the most important indicator that affects the central bank’s monetary policy. The bank decides whether to raise the interest rate or not by considering inflation figures. CPI is the most important inflation-related indicator. As a result, it’s obvious that traders pay great attention to it. CPI data will be out on July 20 at 15:30 MT time.
The CAD strongly needs support of positive economic data. It is highly correlated with oil prices. As soon as oil benchmarks appreciate, the Canadian dollar gets a boost and vice versa. Up to now, the oil market has been highly volatile. It had been affecting the Canadian currency as well. As a result, the CAD needs support of economic indicators to stabilize.
• If the data is greater than the forecast, the CAD will rise.
• If the data is weaker than the forecast, the CAD will go down.
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