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Fed and ECB not alone this week- Bank of Canada expected to lower rates tomorrow

The Fed and the ECB monetary policy decisions are not the only Central Bank policy decisions due over the next couple of days. On Wednesday at 2.45pm GMT the Bank of Canada is widely expected to lower their OCR (Official Cash Rate) to 3% , from the current level of 3.25%. That is the consensus anyway, but of course whilst likely, it is not a done deal. Ahead of this the USD/CAD has traded a range so far this week covered by 1.4331 to 1.4416 and the high of that was seen earlier today. The wider range seen so far in 2025 has been covered by 1.4261 to 1.4516. The high seen this year was the highest since it topped out at 1.4668 back in March 2020. More recently the USD/CAD has been often caught up in the melee of the CAD/JPY and that was most definitely the case yesterday. So, if the Fed passes tomorrow evening after the BOC might cut, then we could conclude the current 2025 high (1.4516) might come back on the radar before the week is out. The USD/CAD is right now at 1.4402 
 

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