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CAD: Eyes on Bank of Canada meeting – BBH

FXStreet (Delhi) – Research Team at BBH, suggests that the Canadian market focus will be on the bank of Canada’s meet.

Key Quotes

“The large (0.5%) contraction in the September GDP offset the fact that Canada snapped a two-quarter contraction in Q3. The mining, drilling quarrying sector contracted 5.1% in September, suggesting that Canada is still struggling with the commodity shock.”

“The Canadian dollar was also weighed down by the unexpected US crude oil inventory build (API 1.6 mln barrel increase). If there is a risk with the Bank of Canada, we suspect it may be on the dovish side, though not rate cut, of course. Canada, like the US reports November jobs data on Friday. It is expected to report a net loss of jobs. The US dollar is poised to make new multi-year highs against the Canadian dollar in the coming days.”

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