The fall from Crude oil prices helped USD/CAD rise above 1.2900 on Monday, after having been weighing heavily on the Canadian dollar. Nevertheless, for ING analysts, the BoC tightening could push the pair below 1.25 by the end of 2022, unless oil undergoes another big correction. Waiting for some drag effect “The Bank of Canada […]
Tag: BOC
USD/CAD volatile after the BOC decision and after the US CPI.
USD/CAD is trading in a 120 pip range, courtesy of Level 1 data from both countries. The Bank of Canada (BoC) raised rates by 100 basis points and will continue to tighten them. The consumer price index (CPI) for June in the US rose by 9.1% year-on-year, the highest level in 40 years. The probability […]
Bank of Canada raises interest rate by 100 basis points to 2.5%
Bank of Canada surprises with higher-than-expected rate hike. The CAD appreciates throughout the market. The Bank of Canada (BoC) raised its benchmark interest rate by 100 basis points to 2.5%, generating a surprise as an increase of 75 points was expected. The Canadian dollar rose in the market after the decision was known. The Canadian […]
USD/CAD recovers near 1.2650 after US data.
USD/CAD recovers some ground and is positive for the week, up 0.42%. The BoC’s Macklem said the Canadian economy is overheating and needs higher rates. USD/CAD Price Forecast: A Break Above 1.2700 Would Give Buyers Control; otherwise, a further drop is expected. The USD/CAD it rebounds from weekly lows around 1.2510 and advances strongly during […]
USD/CAD bulls take over to prevent a move to Apr 21 lows
USD/CAD corrects latest downward push from lows. The bears seem to be moderating at 1.2458, which could be taken advantage of. In 1.2552, the USD/CAD is up around 0.2% at the time of writing, recovering from fresh cyclical lows hit earlier in the day at 1.2517, as the US dollar returns to be the best […]
The BoC has an increasing chance of taking interest rates to 3.0% or higher — Paul Beaudry
Bank of Canada (BoC) Deputy Governor Paul Beaudry said on Thursday that the BoC sees a growing probability that it may need to raise its policy rate to 3% or higher, Reuters reported. Additional statements: The risk is now higher that inflation expectations become unanchored and high inflation takes hold. In discussions ahead of the […]
The Bank of Canada meets expectations and raises its interest rates 50 basis points to 1.5%
The The Bank of Canada has met market expectations by announcing a 50 basis point hike in its interest rates, from the previous 1% to the current 1.5%.its highest level since January 2020. This is the third consecutive rate hike meeting. BoC statement The Bank of Canada has today increased its target for the prime […]
USD/CAD awaits BoC at one-month lows near 1.2600
The loonie remains among the best performing currencies. USD/CAD targets 1.2600, vols expected to remain elevated. Bank of Canada: the announcement is coming, which would be a rise of 50 basis points. USD/CAD is trading at 1.2615/20, the lowest level since April 22 prior to US economic data and Bank of Canada decision. The loonie […]
USD/CAD bounces back after hitting fresh 2-week lows below 1.2800
The USD/CAD pair is trading sideways again at the 1.2830 area after hitting two-week lows earlier in the session. The pair is on track to end the week down around 0.5% amid dollar and Canadian CPI weakness. The USD/CAD reached its lowest level in over two weeks at the 1.2775 area on Friday, although it […]
USD/CAD consolidates above 1.3000
USD/USD is consolidating just above 1.3000, not far from 18-month highs at 1.3050. A strong US dollar amid recent US inflation data and risk aversion inflows are offsetting higher oil prices. The focus is on upcoming comments from BoC’s Tony Gravelle. The USD/CAD stabilized just below multi-month highs below 1.3000 on Thursday, as a drop […]