Canada BOC Overnight Rate Decision 09/10/09

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9:00am (NY Time) CA BOC Rate Decision Forecast 0.25% Previous 0.25%

Definition
BOC (Bank of Canada) council members meet 8 times a year and discuss where to set their current Interest rate. Since interest rate is directly related to inflation, it is probably THE MOST HIGH IMPACT news for traders who trade CAD crosses. But since there are absolutely no expectation for a surprise cut or hike release, market will most likely concentrate on the accompanied statement by BOC Governor.

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Update
Market didn’t move much after the release, therefore I decided it is probably for the best to stay out of the market… We are getting the same rhetoric and not much change of tones from the accompanied statement… therefore instead of forcing a trade, the best option is to stay out.

About Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.

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