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BoC expected to convey dovish message - TD Securities

FXStreet (Łódź) - The TD Securities team of analysts believe that the BoC will hold monetary policy steady today and that its communiqué will be dovish.

Key quotes

"Cue a bounce in USDCAD into the press conference at 11.15ET where Governor Poloz will be able to reflect how new information—weaker commodity prices, slower global growth, rising deflationary concerns in Europe etc. and softer domestic data recently—influences that bank’s outlook and assessment of risks with domestic inflation more or less on target."

"There is little there to suggest that the governor do anything but retain a dovish bias."

"After that, Governor Poloz will stroll across to parliament to testify before the Commons Finance Committee (with Deputy Governor Wilkins) at 3.30ET."

"We really think USDCAD is trapped within a 1.12/1.14 range for the moment—justifiably to an extent as our work suggests that the currency is largely in line with fundamental fair value—and developments today are liable to foster the impression of a volatile though largely directionless range trade in place at the moment."

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