Forex: USD/CAD Awaits BoC Interest Rate Decision

on May 29, 2013

Yesterday’s US Consumer Confidence survey data hit a five-year high and the greenback is in consequence being bought against most of its G10 counterparts.

The Bank of Canada’s Interest Rate Decision is due to be announced at 14:00 GMT today. A hawkish stance on the country’s economic outlook will be positive for the currency but maintenance of or a cut to the base interest rate will likely see the CAD under pressure. Most expectations are for the benchmark interest rate to be kept at 1.00 percent for now.
And the BoC’s rate statement will be released simultaneously. The statement is the BoC’s primary means to communicate with investors about monetary policy decisions.
The USD/CAD started today’s European session at 1.0373 and has since risen 10 pips.

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