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BoC expected to remain on hold – TDS

FXStreet (Edinburgh) - Currency Strategist Ned Rumpeltin at TD Securities expects the BoC to keep its monetary stance unchanged at this week’s meeting.

Key Quotes

“The Canadian economy has evolved slightly better than the BoC expected in their July Report, so Wednesday’s interest rate decision and MPR are unlikely to bear any major surprises, and the MPR is likely to repeat many of the same messages from July”.

“Generally speaking, a recovery in US demand growth is helping offset the adverse effects from low oil prices as weaker terms of trade work their way through the Canadian economy”.

“Unless we see a major downgrade to US growth prospects or another leg down in oil and gas investment in the coming months, we see the Bank of Canada on hold until 2017H2”.

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