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Bank of Canada left overnight rate at 1.25%, as widely expected. They see higher rates over time but will proceed with caution. USD/CAD jumped, found resistance at 1.265 and then stabilized about 75 pips above pre-release levels. The pair's currently trading right at 200 DMA and above the initial support at 1.26.
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CAD gains along with firm inflation and better risk sentiment
Canada saw some better than expected inflation data on Friday which were welcomed by USD/CAD sellers. The pair would have probably been trading much lower if it weren't for uncertainty regarding NAFTA, U.S. politics and Canadian housing market, all of which keep the Bank of Canada in cautious mode. 1.26 is the initial support and stronger one closer to 1.25.
CAD bulls forced to cover after not-so-hawkish BOC
Bank of Canada keeps overnight rate at 1.0%. They were upbeat on the economy but expressed caution as regards further normalization of the policy. Market was caught wrong-footed, appears to have been priced for a more explicit forward guidance in light of recent GDP and labour market reports. 1.2625 - 1.2925 range remains in play.
BoC Interest Rate Decision | 2016-10-19
The Bank of Canada will announce their latest decision on interest rates on Wednesday 19, October 2016 at 15:00 GMT. The bank will release its rate statement along with the monetary policy report at the same time, while there’s a BoC Press Conference about an hour after that and a speech by BoC Governor Stephen Poloz a few hours later.
The Bank of Canada is expected to stand pat in October for a variety of reasons, which include the still pending assessment of the effects of the governments stim…
The Bank of Canada is expected to stand pat in October for a variety of reasons, which include the still pending assessment of the effects of the governments stim…