Will the BOC add strength to the Canadian dollar?

Will the BOC add strength to the Canadian dollar?

The Bank of Canada will publish a rate statement and an update on the interest rate on September 9, at 17:00 MT time.

Instruments to trade: USD/CAD, CAD/JPY, EUR/CAD

After the rate cut to 0.25% in March, we don't expect any changes this time. Besides that, there are several reasons for following the upcoming meeting of the Bank of Canada. Firstly, we need to see if the BOC representatives find the current Covid-19 response (asset purchases) sufficient in current economic conditions.  Secondly, it is interesting to hear any hints on possible changes in the monetary policy framework, which is set to be renewed with the federal government next year. For now, policymakers agree that the 2% inflation target is an appropriate one. And, the last but not least, we will be excited about the comments on the current performance of the Canadian dollar, which is trading at the levels of the beginning of 2020.

  • If the BOC highlights positive developments in the Canadian economy, the CAD will strengthen;
  • If the BOC comments about the weak economy and remaining risks, the CAD will weaken.

Check the economic calendar




Latest news

FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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