Will the Bank of Canada support the CAD?

Will the Bank of Canada support the CAD?

The Bank of Canada will publish its monetary policy statement and make the rate announcement on May 29, at 17:00 MT.

The central bank won’t make changes to the current interest rate, which is set at 1.75%. However, the BOC governor Stephen Poloz may throw some hints on the possible changes to the current monetary policy. Last time, Mr. Poloz was more positive about the economic outlook of the country, than during the previous meetings. His tone supported the loonie. If he provides any hawkish hints this time, the CAD will rise.

• If the BOC is hawkish, the CAD will go up;

• If the CAD is dovish, the CAD will go down.

Check the economic calendar

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