Weekly Cryptonews
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Will the BOC surprise with a rate hike?
The Bank of Canada will release the interest rate on October 24 at 17:00 MT time.
The market anticipates a rate hike. It’s not a secret that an increase of the interest rate always supports the currency. Last time the Bank of Canada has raised the interest rate in July 2018. It was quite unexpectedly for the market as the environment of uncertainties around the trade war made the central banks cautious.
Up to now, the Canadian inflation level is well above the target that makes traders believe in the rate hike.
• In case of the rate hike, the CAD will rise.
• In case of the neutral/negative rate, the CAD will fall.
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RBNZ Meeting
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.
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