{"id":17368,"date":"2023-04-10T09:18:51","date_gmt":"2023-04-10T09:18:51","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=17368"},"modified":"2023-04-10T09:18:51","modified_gmt":"2023-04-10T09:18:51","slug":"bank-of-canada-to-hold-rates-steady","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/bank-of-canada-to-hold-rates-steady\/","title":{"rendered":"Bank of Canada to hold rates steady"},"content":{"rendered":"<h1>Bank of Canada to hold rates steady<\/h1>\n<p>Bank of Canada (BoC) is widely anticipated to maintain its pause this week, leaving interest rates unchanged at a 15-year high of 4.50%. Governor Macklem has emphasized that there\u2019s no need for additional rate hikes if the economy unfolds according to central bank\u2019s projections, which forecast stalling growth for the rest of the year, subsequently cooling inflation. Macklem also stated that an \u201caccumulation of evidence\u201d would be required before considering resuming tightening.<\/p>\n<p>Consequently, it\u2019s unlikely that BoC\u2019s announcement on Wednesday or Macklem\u2019s speech on Thursday will trigger significant volatility in Canadian Dollar. Instead, Loonie is expected to be more reactive to developments in oil prices, as WTI crude remains stuck around 80 mark. Additionally, the currency could be influenced by US CPI data and the release of FOMC minutes when paired against the greenback.<\/p>\n<p>From a technical perspective, <a href=\"https:\/\/www.xtrememarkets.com\/US\/\"><strong>USD\/CAD<\/strong><\/a> appears to be in the third leg of the corrective pattern from 1.3967. Deeper decline is expected as long as 1.3563 minor resistance holds. However, robust support is anticipated around 1.3224, which should contain the downside and complete the pattern. On the other hand, a sustained break of 1.3563 and 55-day EMA (now at 1.3562) would likely result in a stronger rally back towards 1.3860 resistance level. Ultimately, the larger uptrend is envisaged to resume through 1.3976 at a later stage.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of Canada to hold rates steady Bank of Canada (BoC) is widely anticipated to maintain its pause this week, leaving interest rates unchanged at a 15-year high of 4.50%. Governor Macklem has emphasized that there\u2019s no need for additional rate hikes if the economy unfolds according to central bank\u2019s projections, which forecast stalling growth<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/US\/bank-of-canada-to-hold-rates-steady\/\">continue reading<\/a>.","protected":false},"author":3,"featured_media":17369,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[395,20,265,267,182,300,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Bank of Canada to hold rates steady - Xtreamforex<\/title>\r\n<meta name=\"description\" content=\"Bank of Canada (BoC) is widely anticipated to maintain its pause this week, leaving interest rates unchanged at a 15-year high of 4.50%.\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/US\/bank-of-canada-to-hold-rates-steady\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Bank of Canada to hold rates steady - 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