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Quicktake, Citi on Bank of Canada Policy

BOC

Bank of Canada held rate steady at lower bound (0.25) while tapering weekly bond purchases by CAD1B to CAD3B, "while moving forward their timing of the closing of the output gap to H2 2022 from H1 2023," Citi analysts said.

  • Overall, initial headlines and language are amongst the most hawkish scenarios and CAD price action reflecting this. Barring any surprises from the press conference we would expect USDCAD trades lower over the day. Highly likely that we get some talking back of the hawkishness in the press conference but the message is clear, the Bank remains confident in the economy despite recent rise in COVID cases / lockdown measures.
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