A lack of meaningful data ahead of next Tuesday’s BoC showing leaves CAD adrift.
The Canadian Dollar (CAD) recovered some ground in mixed trading on Thursday but still shed weight against the Greenback, the market’s best-performing currency of the day. CAD traders are buckling down for the wait to next Tuesday’s rate call from the Bank of Canada (BoC), and broader market sentiment is paring back US Dollar short pressure after a mid-week surge in rate cut hopes sent the Greenback to the bottom.
Canada is set for a complicated showdown on interest rates from the BoC this week; while overall inflationary pressures have eased on the short end of the curve, core price growth readings have ticked higher, and a dip in price growth earlier in the year may have been a one-off.
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