USD/CAD holds in bullish grounds ahead of BoC and key events – by fx_ross Currencies USDCAD BOC Fed NFP
Bank of Canada, Nonfarm Payrolls and Federal Reserve's chair Jerome Powell in the spotlight.
USD/CAD is up 0.11% and has traveled between a low of 1.3581 and a high of 1.3628 on the day so far. It is going to be a bigwhile a) investors wait on testimony by Federal Reserve Chair Jerome Powell and Nonfarm Payrolls due on Friday and b) the Bank of Canada Rate Decision will be the major release for CAD for the week.
''We expect the BoC to hold the overnight rate at 4.50% on Wednesday, and maintaining that hold for all of 2023,'' analysts at TD Securities said in a note.
In this regard, what Powell says and what the jobs report shows will hold the key for the US Dollar. Powell will have the chance to signal the direction of Fed rates policy for the year. ''We expect he'll indicate more tightening is needed but to remain rather vague regarding the terminal rate. A concern about recent data strength likely will also be flagged but the Fed wants to see confirmation in Feb data before acting,'' analysts at TD Securities said.
As for Nonfarn Payrolls, the analysts at Danske Bank are expecting growth to moderate to 220k after the effects of warm weather and heavy seasonal adjustments in January fade. ''Overall, leading
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