The BOC statement on Wednesday could hold the key to the next move in the USDCAD. Meanwhile, the 6 December USDCAD Fundamental Analysis reveals that the pair attempted recovery today.
6 December, OctaFX – The Bank of Canada (BOC) will deliver its final interest rate decision of the year on Wednesday. Policymakers are widely expected to stand pat for a second consecutive month as the Canadian economy adjusts to back-to-bate rate hikes. The benchmark lending rate is therefore expected to hold steady at 1%.
Though the BOC is recognized to be one of the most hawkish central banks around the world, they would not be in a situation at this point in time to hike rates in Canada. Thus, traders can anticipate a hold decision as far as the rates are concerned.
6 December USDCAD Fundamental Analysis
The USD/CAD attempted at a recovery Tuesday, but prices fell short of the 1.2700 level. The pair had regained momentum early Wednesday, where it was trading at 1.2699. The BOC statement could hold the key to the next move in the USD/CAD.
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