Next week, the Bank of Canada (BOC) will hold its monetary policy meeting. No rate changes are anticipated. TD Securities analysts They indicate that no significant changes are expected in monetary policy with respect to the January meeting.
BOC: Live to last another day
“The surprise downside in Q4 GDP should allow the BOC to look beyond the successful January jobs number and keep the overnight rate unchanged at 4.50%. Forward guidance is not expected to change much from January, although the BOC might want to place more emphasis on the conditional nature of his hiatus.”
“A low-energy BOC meeting would likely direct CAD attention to evolving global narratives. We see USDCAD holding the 1.33/1.37 range unless US inflation goes awry this month. In turn, we prefer to play CAD in crosses (recently closing NZDCAD) where scaling longs AUDCAD appeals to changing global growth drivers.”
Source: Fx Street
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