Don’t waste your time – keep track of how NFP affects the US dollar!
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Personal areaThe Bank of Canada (BOC) will publish the rate statement and the update on the interest rate on April 21, at 17:00 MT time. The statement contains information about interest rates and commentary on the economic outlook. While we don't expect any changes to the interest rate of 0.25%, the bank may provide insights that may change its forecast for future rate hikes. We expect the bank to pay particular attention to the stabilization of the labor market, as the employment change for March greatly outperformed the forecasts (+303.1K vs. +101.5K). Another interesting thing the bank may drag investors' attention to is the recent business outlook survey. According to it, the firms expect inflation to exceed the central bank's target range. These factors may indicate an earlier change in the rate.
We recommend you pay attention to the regulator's comments on the economic outlook (employment and inflation levels) and forecasts for the rate hike.
Instruments to trade: USD/CAD, EUR/CAD, CAD/JPY
