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The Bank of Canada keeps the key rate unchanged at 5%, signals it’s done with hikes


24.01.2024
The Bank of Canada keeps the key rate unchanged at 5%, signals it’s done with hikes

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3400-1.3500

Euro                1.4600-1.4700

Sterling           1.7100-1.7200

 

WTI Oil (opening level) $74.70

The US Dollar Index was marginally weaker this morning as lots of interesting news overnight helped to push stocks higher and the Dollar a little lower. The Japanese Yen is stronger despite the Bank of Japan not making any changes to their low interest rate environment, the Chinese government announced further stimulus measures to try and prop their weakening economy and in the UK the Pound is stronger after encouraging news on their economy was released overnight.

The Canadian Dollar was also able to pick up some strength as USD.CAD dropped a little to open the day near the 1.3450 (0.7435) level. North American eyes will be on the Loonie today we get both the Bank of Canada interest rate decision and their latest Monetary Policy report. It is expected that interest rate will not change but traders will be looking for their comments on what inflation and the overall economy is doing.

Stocks are pointing higher this morning and really don't seem to be paying much attention to the Trump victory last night. We will see if the rally can hold this time unlike the start of the year where we saw a big reversal but in the short-term stocks should remain positive and the Dollar most likely will give back some further strength.



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Also read
31.03.2023

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.3500-1.3600

Euro                 1.4700-1.4800

Sterling            1.6750-1.6850

02.02.2023

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3250-1.3350

Euro                1.4550-1.4650

Sterling           1.6300-1.6400

 

31.12.2020