The Bank of Canada rate decision is coming up at 9:45 am ET with Tiff Macklem expected to hold rates at 5.00%. The market is pricing in just a 5% chance of a surprise rate cut but all eyes will be on communication around the April 10 meeting, where the market is pricing in a 40% chance of a cut.
USD/CAD was last down 24 pips to 1.3558 but that decline largely reflects broad USD selling and a $1.45 gain in crude rather than BOC expectations.
This article was written by Adam Button at www.forexlive.com. Source