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How will the Bank of Canada Interest Rate Statement Affect CAD?
What will happen?
Reserve Bank of Canada will announce the interest rate at 17:00 (GMT+3) on Wednesday, September 8.
It's the primary tool the Bank of Canada uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.
In the past statement on July 14, BAC did not make any changes in the interest rate, but it tightened the government securities purchase rate from 3 to 2 billion Canadian dollars weekly.
At the past conference with the Bank of Canada on July 14, USD/CAD grew by 0.5%.
Canada interest rate, %
How to trade on the BOC Rate Statement?
- If the statement is more hawkish than the forecast, the CAD is likely to strengthen against other currencies.
- If the statement is more dovish than expected, the CAD is likely to weaken against other currencies.
Instruments to trade: USD/CAD, CAD/CHF, CAD/JPY
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