The CAD comes under pressure due to BOC's cautious outlook and chosing to overlook all of the recent data improvements. The central bank attributed any rise in inflation to temporary factors and said continued cautiousness is needed on rate moves. Having raised interest rates twice this year, the BOC wanted to make it clear that heading into the New Year, they have no immediate plans for tightening Decline in oil prices to 2-1/2 week low is also keeping the CAD under pressure. The focus today is on Canadian data docket, IVEY PMI, which is reported to be softer and USD/CAD will trade higher.
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