NZD/USD: testing tactical support
The Reserve Bank of New Zealand made announcements regarding its monetary policy. The NZD/USD dropped.
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.
The rate statement is the necessary element of a monetary policy conducted by the central bank in the country. It contains the interest rate, which is the interest of borrowing funds by the major financial institutions. The Bank of Canada set its interest rate at 1.75% and is forecast to keep it unchanged during the upcoming meeting. The main focus of the market will be on the statement, which will provide the projections for the economic conditions of Canada and make investors think about the future changes to the interest rate. The recent data brought relief to the CAD bulls: the unemployment rate fell to 5.6%, while the inflation levels remain high enough to shrug off the doves. Will we see some kind of surprise during the meeting?
• If the BOC is hawkish, the CAD will rise;
• If the BOC is dovish, the CAD will fall.
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Will the GDP growth strengthen the CAD?
Canada will publish the monthly GDP growth on Tuesday, at 15:30 MT time.
The CAD awaits the retail figures
Canada will post an update on change in core retail sales on March 20 at 14:30 MT time.
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