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