Will the BOC bring a challenge to the CAD traders?
The Bank of Canada (BOC) will release its rate statement alongside the monetary policy report during its meeting on January 22 at 17:00 MT time.
USD/CAD dives notwithstanding dismal Canadian data
On Monday, the greenback dived versus its Canadian rival notwithstanding the publication of dismal Canadian data because the American government shutdown kept dampening demand for the US currency.
The currency pair USD/CAD slid 0.29% being worth 1.2457.
On Monday, Statistics Canada informed that in November wholesale sales edged up 0.7%, confounding hopes for a soar of 1%.
In October, wholesale sales tacked on 1.6%, whose figure was updated from a previously evaluated 1.5%.
However, the US currency was still under pressure because the American government shutdown was still lasting on Monday after the Senate didn’t manage to reach a deal Sunday night to finance government operations.
US lawmakers have been struggling to reach a deal on immigration. The given issue is considered to be important to breaking that deadlock.
As for the Loonie, it gained versus the common currency, with EUR/CAD losing 0.10% being worth 1.5256.
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