Bank of Canada will be announcing its next installment of interest rate hikes later today. Investors have priced in a 75-basis point rate hike which will be from 3.25% to 4.00% as a result of the new fiscal policy. This is supporting the Canadian dollar and the domestic currency appreciated nearly 1% in the past two trading sessions against the US dollar. Market participants are waiting cautiously for the BOC governor and senior deputy governor’s statement which will be available through a press conference after the release of the monetary policy report.
Important pivots to consider in the daily timeframe
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