Bank of Canada unlikely to raise rates or cut rates this year
Buying is strengthening in CADUSD today, with CADJPY rising into the upper 97 s. It has firmly held the 21-day line and will be closely watched to see if it can break through 98 yen, which has been a strong resistance following the FOMC meeting tomorrow.
The Bank of Canada is no longer expected to raise interest rates. Last Wednesday, the Bank of Canada raised its key interest rate to 4.50%. After the next meeting, the central bank indicated that it would suspend rate hikes for the time being.