Canadian Employment Rate and Unemployment Change are announced on April 9, at 15:30.
USD/CAD slumped as BOC raised rate
The meeting of the Bank of Canada turned out to be eventful. The central bank increased the overnight rate from 0.75% to 1.00%. Such move caught the market by surprise: the majority of market players had thought that the rate would remain unchanged.
The Bank of Canada pointed out that the recent economic figures exceeded forecasts. The regulator acknowledged widespread strength in business investment and exports, as well as robust consumer spending. A moderation in the pace of economic growth is expected in the second half of this year.
The BOC statement doesn’t exclude the possibility of another rate hike in the months ahead. It said that future monetary decisions are not predetermined.
USD/CAD fell from levels around 1.2400 to 1.2133, the lowest level since June 2015.
US retail sales will be out on Thursday, April 15, at 15:30 MT. It is a significant release for traders as it will impact the US dollar.
As the earnings season kicks in, JPMorgan is the first to impress us with the better-than-expected data!
The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.