USD/CAD STAYS ON SIDELINES NEAR 1.3800 WITH BOC POLICY MEETING IN FOCUS
- USD/CAD trades back and forth near 1.3800 ahead of BoC interest rate meeting.
- The BoC is expected to reduce interest rates further by 25 bps.
- The uncertainty over US presidential elections has dampened market sentiment.
The USD/CAD pair trades in a tight range near the round-level figure of 1.3800. The Loonie asset consolidates as investors shifts to the sidelines with focus on the Bank of Canada’s (BoC) monetary policy meeting scheduled for 13:45 GMT.
The BoC is expected to deliver subsequent rate cuts due to cooling inflationary pressures. BoC’s core Consumer Price Index (CPI) accelerated to 1.9% in June but remains below the bank’s target of 2%. Also, Canada’s labor market conditions have deteriorated due to higher interest rates. The central bank is expected to reduce interest rates again by 25 basis points (bps) to 4.5%. Earlier, the BoC pivoted to policy normalization in the June meeting
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.