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The Bank of Canada May Push the CAD

The Bank of Canada May Push the CAD

Updated

What will happen?

The Bank of Canada will publish a rate statement and update on the interest rate on Wednesday, at 17:00 MT time. The statement normally contains commentary about the economic conditions and insights into further monetary policy decisions. A recent survey by the Bank of Canada showed improving business sentiment as vaccines roll out. This situation may indicate that the BOC is looking forward to more hawkish steps.

How to trade on the BOC Interest Rate Decision?

Due to analysts' predictions, traders need to pay particular attention to the changes made in the statement. If the Bank of Canada expresses readiness for an earlier-than-expected rate hike, the Canadian dollar may strengthen. 

  • If the BOC suggests tightening of its monetary policy, the CAD will strengthen;
  • If the BOC expresses cautiousness, the CAD will weaken.

Check the economic calendar

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

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