Major Event Alert: Canadian Retail Sales
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
How Will CAD React to BOC Monetary Policy Report?
What will happen?
BOC will report its Monetary Policy statement at 17:00 MT (GMT+3) on Wednesday, October 27.
It provides valuable insight into the bank's view of economic conditions and inflation - the key factors that will shape the future of monetary policy and influence their interest rate decisions.
Last time BOC decided to keep the key rate and monetary policy stimulus at the same level. As the result, CAD/JPY dropped by 1%.
How to trade on BOC Monetary Policy report?
- If the report is more hawkish than forecast, the CAD is likely to strengthen against other currencies.
- If the report is more dovish than forecast, the CAD is likely to weaken against other currencies.
Instruments to trade: CAD/JPY, USD/CAD, CAD/CHF.
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