There is universal anticipation that the Bank of Canada (BoC) will reduce its policy rate by 25 bps at its upcoming gathering on Wednesday, June 5.
The Bank of Canada is anticipated to cut its policy rate by 25 bps. The Canadian Dollar maintains its consolidative phase vs. the US Dollar. Inflation in Canada has accelerated its downtrend since December. Money markets see around 21 bps of easing at the June meeting. There is universal anticipation that the Bank of Canada will reduce its policy rate by 25 bps at its upcoming gathering on Wednesday, June 5.
com, the gradual uptrend in USD/CAD that has been in place since the beginning of the year appears to be reinforced by the recent surpass of the key 200-day SMA . However, this trend has so far encountered significant resistance around the year-to-date highs at 1.3650. A sustained break above this zone might drive the pair to go for the November 2023 high of 1.3898 . Pablo adds: If sellers get the upper hand, the 200-day SMA should provide excellent support until the March low of 1.3419 .
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