The main event for the Canadian dollar is the Bank of Canada (BOC) rate meeting on Wednesday at 15:00. The BOC is not expected to change interest rates at the meeting, however the impact on the Canadian dollar will depend on the accompanying statement to provide stability to the volatile currency. Admits fears of oil price fluctuations and commodities that the CAD strengths off are seeing a reduction in demand due to growing pressure from global warming protests and the push for greener solutions.
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Although data and the outlook has improved the consensus appears to be that the BOC will not yet be ready to raise interest rates. The BOC may signal a greater willingness to raise rates in the future, if this were to happen, I would expect to see a push up on the Canadian dollar, if the statement is able to give some certainty in the future of Canada in the global market. The Loonie has been caught in a range versus the US dollar as a worsening outlook has offset higher prices in oil – Canada’s biggest export. Being in direct competition with its commodities from countries such as US, Australia and Saudi Arabia.
The government will resume Brexit talks with the Labour Party as MPs return to Westminster following the Easter break. There is a lot to be said with regards to the direction of sterling with all major currencies, but against the CAD I foresee the fresh Brexit developments causing unrest in the continued turmoil of the Loonie rate. I would get in touch with your FCD Account Manager to cut through the complex news that is unfolding to give you the best opportunity to make the most of the volatility.
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