Upcoming Bank Of Canada Rate Decision

On the other hand, the bank has yet to try to “jawbone” the market in its preferred direction, and many analysts say that a rate cut won’t happen until Poloz at least gives a few dovish speeches.

In either case, the expectation is for CAD weakness over the medium term due to regulatory pressure. Of course, if there is an agreement about US-China trade and oil demand increases following the reduction in market uncertainty, then things could change.

Going Forward

For the rest of the week, we could actually get more volatility from the data than the interest rate decision. This is since a hold is pretty much priced in at this point. The consensus among economists is that the data will show considerable improvements, with Ivey PMI coming back firmly into growth territory, as well as job adds returning to their usual trend.

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