The USD/CAD pair traded with an increase on expectations of the Bank of Canada retaining the interest rate.
The Canadian dollar for last three days is as though stuck in a range paired with the USD. The current quotation of the USD/CAD pair is 1.3009. Investors are a little nervous on the verge of the meeting of the Bank of Canada, which will take place today. The average market forecast assumes that the interest rate will be maintained at 0.50% per annum, as before. Expectations in terms of growth of local GDP may come under revision due to the new significant fluctuations in the oil market.
Among the most recent reports on the dynamics of the Canadian economy is GDP release in July 2015, according to which the index rose by 0.8% against the previous value of 0.5% and the forecast of growth of 0.7%. In August of this year, wholesale sales fell by 0.1% against expectations of growth of 0.2%. The labor market in Canada is not in the best shape, full-time employment is reduced in volume, and the figure in September was 7.1%. This is a maximum of nineteen months. At the same time, economists say they see signs of accelerating recovery in the Canadian economy, but volatility in the commodities market can still play a cruel joke with the system.
That is why the rates will remain at current levels. This expectation is true at least until the beginning of 2016, later on of more importance will be the parameters of the global energy consumption and the recovery trend of key economies.
There is still no news from Austria, where in Vienna OPEC now consults with the world's major oil producers. Once the raw materials market will receive this news, the Canadian dollar, too, will begin to move more vigorously.
RoboForex Analytical Department
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