20 Jan 2014
USD/CAD consolidates ahead of Wednesday's BoC decision
FXstreet.com (London) - USD/CAD has consolidated through the morning on quiet trading after declines overnight. With US markets closed, the pair is likely to remain in its current trend.
CAD focus is on Wednesday’s important Bank of Canada meeting along with the updated monetary policy report and revisions of BoC forecasts.
Highly anticipated BoC meeting on Wednesday
CAD fortunes have declined alongside the improvements in US conditions. While the CAD was given support as an alternative during US volatility, the Canadian economy is now dogged by low inflation and a current account deficit. Friday’s consumer price index figures are expected to show a decline of 0.2 percent in December, bringing year-on-year inflation to 1.3 percent, however the market importance of the print will be reliant on the tone of the Bank of Canada’s press conference following its rate decision on Wednesday.
USD/CAD is currently trading at CAD1.0947, down 0.25 percent on the session, rebounding from an overnight low of CAD1.0931.
CAD focus is on Wednesday’s important Bank of Canada meeting along with the updated monetary policy report and revisions of BoC forecasts.
Highly anticipated BoC meeting on Wednesday
CAD fortunes have declined alongside the improvements in US conditions. While the CAD was given support as an alternative during US volatility, the Canadian economy is now dogged by low inflation and a current account deficit. Friday’s consumer price index figures are expected to show a decline of 0.2 percent in December, bringing year-on-year inflation to 1.3 percent, however the market importance of the print will be reliant on the tone of the Bank of Canada’s press conference following its rate decision on Wednesday.
USD/CAD is currently trading at CAD1.0947, down 0.25 percent on the session, rebounding from an overnight low of CAD1.0931.