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Bank of Canada expected to hold rates at 5% today-check out the USD/CAD

The USD/CAD has been traversing the 1.36 handle in more recent trading. The USD/CAD closed in the US last night at 1.3593 after it was not seemingly much dented by the disappointing US ISM data. The 2024 high for the US dollar was set last week at 1.3606 and so far this week there has been no further progression. Now at 2.45pm GMT today we get the latest monetary policy decision from the Bank of Canada (BOC). The BOC are widely expected to hold the current OCR at 5%. That does certainly look like it will be the case and so any surprise will evoke a sharp reaction in the USD/CAD. On the assumption that does not happen, then much will depend on what the BOC have to say about the outlook for rates and the economy going forward, in their accompanying statement. The USD/CAD range so far today has been covered by 1.3580 to 1.3600. It is just now trading right in the middle of that, at 1.3590 
 

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