Bank of Canada meeting results

• Bank of Canada interest rate decision: fact 1.75%, forecast 1.75%.

As a result of the meeting of the Bank of Canada, the key interest rate remained unchanged, but the Canadian dollar received a significant support across the market, which was caused by the hawkish tone of the Central Bank of Canada. The reason for the growth of optimism in Canada was comments on the positive dynamics of the economy and consumer inflation in Canada. This may be temporary, the Central Bank noted. The Central Bank of Canada also noted the risks of a trade war and said it would continue to monitor the changing world situation.

Against the background of these statements by the Bank of Canada, the USD/CAD pair accelerated its decline to the levels of 1.3260, increasing the slowdown of the upward trend of this pair in recent months. Given the weakness of the US dollar, the continued growth of optimism in the market and the strengthening of the price of oil, this pair can test the support levels: 1.3250 and 1.3230.

Fig. USD/CAD chart. Current price – 1.3290

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Hanzenko Anton

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