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Market News USD/CAD Remains Below 1.3470 In Anticipation Of The BoC's Rate Decision

USD/CAD Remains Below 1.3470 In Anticipation Of The BoC's Rate Decision

USD/CAD narrows to 1.3463 in response to the US Dollar's modest decline. It is anticipated that the Bank of Canada will maintain its interest rate at its January meeting. A rate fall by the Federal Reserve (Fed) is improbable to be as drastic as anticipated by the market. On Wednesday, traders will be preoccupied with the BoC monetary policy decision and the US PMI report.

TOP1 Markets Analyst

2024-01-24

7992

During Wednesday's early Asian trading hours, the USD/CAD pair loses ground above the mid-1.3400s. On Wednesday, market participants will closely observe the interest rate decision of the Bank of Canada (BoC), which is not anticipated to result in any policy changes. As of press time, USD/CAD is trading at approximately 1.3463, a daily decline of 0.04%.

It is expected that the Bank of Canada (BoC) will keep its key overnight rate unchanged at a 22-year high of 5% on Wednesday, despite the markets postponing the timeline for the initial rate reduction due to persistent inflation. Greater reliance will be placed by traders on BoC Governor Tiff Macklem's remarks regarding the rate trajectory. In the interim, the USD/CAD pair faces a headwind from the higher crude prices caused by concerns over global energy supplies, which could assist in strengthening the commodity-linked Loonie.

Conversely, amidst the robustness of the US economy, it is improbable that the Federal Reserve (Fed) will reduce interest rates to the extent anticipated by the market. The market's anticipation of easing in 2024 has decreased from approximately 175 basis points earlier this month to 125 basis points. The pivotal events in the United States this week, such as the annualized GDP of the fourth quarter and the Core PCE (Price Index of Personal Consumption Expenditures on December), will provide insights into the trajectory of Federal Reserve policy. There is potential for future pricing of Fed funds to converge towards the FOMC's projections of a limited three cuts this year, provided that the data continues to be robust. Consequently, this could potentially uplift the Greenback.

The attention will be on the BoC's monetary policy decision on Wednesday. Later in the day, the US S&P Global Purchasing Managers Index (PMI) report is also anticipated. The annualized US GDP growth figures for the fourth quarter are scheduled to be released on Thursday. On Friday, the Core PCE, or Core Personal Consumption Expenditures Price Index, will be released. These figures may provide the USD/CAD pair with a distinct direction.