Preview of BOC rate statement: Chance of a price hike?

Bank of Canada interest rate decision is due at 1500 GMT on March 1. Here is the Preview of BOC rate statement. Is there any Chance of a price hike?

AtoZForex, 01 March – The Bank of Canada isn’t going to make a move on Wednesday but the economists are unanimous and the OIS market is barely humoring the chance of a price hike. There is a zero percent chance of a price hike. But, for the April and May decisions, the cut chances are 2.0% and 4.0%, respectively.

Preview of BOC rate statement

The Bank of Canada statement always comes at the end and the statement looks like this:

“In the context of a projection that is largely unchanged, the Bank’s Governing Council judges that the current stance of monetary policy is still appropriate and maintains the target for the overnight rate at 1/2 per cent.”

The USDCAD surged nearly 3 cents in the following three days. The overall expectations are very low for any kind of market move at this meeting as there will be no MPR or press conference afterward.