Bank of Canada out with latest policy decisions at 15.00 GMT 7 March
Yes all you CAD traders, the moment that you've been counting down the minutes on is almost upon us.
There is no press conference but the BOC's Lane is making a speech tomorrow (Thursday) to talk about the BOC decision at 3:35 pm ET
The OIS market is pricing a 13.2% chance of a hike
Our illustrious leader and Canadian man on the sport is out today doing some tv work but here's a snippet of his comprehensive preview:
"Don't look for huge changes in the statement. In January, the BOC was already highlighting risks to housing and trade. The latest tariff spat will elevate trade concerns and housing is in largely the same wait-and-see predicament as before.
The biggest change to the main text is likely to be on the economy, which has softened. The January statement said "recent data have been strong" and don't be surprised to see something like a 180-degree reversal to something like "recent data has moderated".
The key part of the statement is the guidance at the end. Here, it's tough to envision a meaningful change. There is already a nod to caution."
More previews here
You know my rules by now. Trade what you see but be ready with entry/exit levels to take advantage of the algo-led reactions. Whatever the outcome of the BOC there is still plenty of other stuff going on and markets have the memory of a goldfish.
USDCAD currently 1.2916 after the post-trade data dip to 1.2893. My order board post here.
