USDCAD AT Two- Week Low, Bank Of Canada Rate Decision Due

Published on Jul 12, 2023 17:46

USDCAD slipped on Wednesday ahead of Bank of Canada monetary policy decision due later in the global day. Besides, weakness in the US dollar ahead of US inflation data that could help determine Federal course of action on interest rates is also weighing down the pair. In June, the BoC raised its overnight rate to 4.75% after a five-month pause, saying monetary policy was not restrictive enough given inflationary pressures. USDCAD stands at a two week low at 1.32 per dollar. Meanwhile, the dollar index that measures the greenback against a basket of currencies was quoting at 101.20, down 0.2%c on the day ahead of the data. Downward pressure on US benchmark treasury yields also contributed to weakness in greenback.