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USD/CAD edging higher into the BOC policy decision at 2.45pm GMT
As covered here yesterday, at 2.45pm the Bank of Canada is widely expected to lower its Official Cash Rate (OCR) by 0.25%, to 3%. Right now any other outcome will represent a surprise to the markets and the USD/CAD will react accordingly. Ahead of this decision the USD/CAD has been pressing higher today. The USD/CAD closed in the US last night at 1.4399. It has lifted to a high so far today at 1.4440. The prospect of the BOC lowering rates just ahead of the Fed not doing so make this push higher a pretty logical market move ahead of the BOC this afternoon. As to how much further it will lift remains to be seen. The reader is once again reminded of the current 2025 high, at 1.4516 and thereafter the 2020 high at 1.4668. Those are the obvious next hurdles on the topside today. The USD/CAD is currently trading at 1.4437
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