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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 339391, member: 104606"] [B][SIZE=5]USD/CAD Analysis: Canadian Dollar Strengthens after Bank of Canada Decision[/SIZE][/B] [img]https://i.imgur.com/5boNnE0.jpeg[/img] The Bank of Canada has decided to keep interest rates at 5.0% for the fifth time in a row, it announced yesterday, as it continues to look for clearer signs that inflation is moving closer to the bank's 2% target before considering rate cuts. According to Bank of Canada Governor Tiff Macklem: → the Bank is concerned that underlying inflationary pressures remain. → It is too early to ease restrictive policies. There is a clear consensus within the Board of Governors that the time has not come (for rate cuts). → We are now in a difficult phase of the monetary cycle. These hawkish statements contributed to the Canadian dollar strengthening against other currencies, in particular against the US dollar. [img]https://i.imgur.com/13U2mQQ.png[/img] [B][URL="https://fxopen.com/blog/en/oa-usd-cad-analysis-canadian-dollar-strengthens-after-bank-of-canada-decision/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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