search

An incredible cashback rate!
40% of the spread!

Join Now

Will the BOC Keep Rates at 5.00%? All Eyes on the Canadian Dollar After the Policy Announcement

Market Report

  1. homeHOME
  2. Market Report
  3. Will the BOC Keep Rates at 5.00%? All Eyes on the Canadian Dollar After the Policy Announcement

Will the BOC Keep Rates at 5.00%? All Eyes on the Canadian Dollar After the Policy Announcement

24.01.2024

Today's Highlights
  1. UK CBI Manufacturing Optimism Index
  2. Canada: BOC Policy Rate and Statement Release

In yesterday’s U.S. currency trading, the Canadian dollar rebounded against the yen ahead of today’s Bank of Canada (BOC) policy rate announcement. The CAD/JPY pair rose by about 1 yen, from 109.228 to 110.230.The pair rose from a level below the 20-period moving average on the 4-hour chart. However, during today’s Asian trading session, the CAD/JPY pair has pulled back to 109.787. While the BOC is expected to keep its policy rate unchanged at 5.00% in today’s announcement, it will be interesting to see if the market absorbs the news without any surprises and whether prices hold steady.

European currencies saw the pound fall against the yen, despite yesterday’s announcement that the UK’s December net public sector debt had decreased to 6.8 billion pounds from 13.4 billion pounds the previous month. The GBP/JPY pair fell from 188.919 to 187.339.It fell below the 75-period moving average (MA) on the hourly chart. Additionally, on the 4-hour chart, prices have fallen below the 20-period MA, and since both the highs and lows are being revised lower, traders should pay close attention to price movements during European trading hours.

Today's economic indicators include Japan's trade balance at 8:50,9:00 AM: Australia’s Leading Indicator, 4:00 PM: Sweden’s Money Market CPIF, 5:00 PM: South Africa’s Consumer Price Index, 6:00 PM: Philippines’ Unemployment Rate, 8:00 PM: UK’s CBI Manufacturing Optimism Index, 9:00 PM: India’sConsumer Price Index, and Mexico’s Consumer Price Index at 21:00; the U.S. MBA Mortgage Applications Index at 21:00; the Bank of Canada’s (BOC) policy rate and statement at 24:00; remarks by BOC Governor McClem at 24:30; and U.S. weekly crude oil inventories at 24:00.We’ll be watching the market reaction following the indicator releases to see if the BOC keeps rates at 5.00%, as widely expected.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

Previous Article

It remains to be seen whether the Canadian dollar, which has been performing strongly, will maintain its momentum during U.S. trading hours.

Next Article

Will the euro, which is expected to remain unchanged following the ECB meeting, show any movement after the economic data is released?
alert
Notification Settings
close

If you're using iOS

iOSをご利用の場合

If you're using iOS, tap the "Add/Save" icon at the bottom of Safari and select "Add to Home Screen." Once you've added it to your Home Screen, you can turn on "Receive Push Notifications" as shown above.

Click here for detailed instructions

If you're using an Android device or a PC

Android、PCをご利用の場合

If you're using an Android device or a PC, you can simply turn on "Receive push notifications" as shown above without installing the app. (If your browser asks for permission, please select "Allow.")

You can find instructions on how to add this to your smartphone's home screen below.

Click here for detailed instructions
USDJPY
XAUUSD
BTCUSD
USDJPY
XAUUSD
BTCUSD
Close
Click here for an explanation of each notification
arrow Return to Notification Settings
close
Details of Each Notification
line Receive key metrics and announcements

You will receive notifications about key metrics and limited-time promotions. If you turn this feature off, you may not be able to participate in limited-time promotions.

line Received a round number notification

A feature that sends notifications when a price reaches a round number. Receiving these notifications helps traders capitalize on trading opportunities and manage risk, which is why many traders are taking notice.

polygon USDJPY

Notifications are sent for every 100 pips (1 JPY) (e.g., 1 USD = 147 JPY, 1 USD = 148 JPY, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours) have passed.

polygon XAUUSD

Notifications are sent every 500 pips (50 USD) (e.g., $3,000, $3,050, etc.). Notifications for the same rate are reset after 3 days (72 hours) have passed.

polygon BTCUSD

Notifications are sent every 5,000 USD (e.g., 110,000 USD, 115,000 USD, etc.). Notifications for the same exchange rate are reset after 3 days (72 hours).

line Received notification of a sudden price fluctuation (sharp rise or fall in the exchange rate)

Receive real-time notifications of price fluctuations for USD/JPY, gold, and Bitcoin. Never miss a trading opportunity, even when you're on the go, and place orders that instantly respond to market conditions.

polygon USDJPY

You will receive a notification when there is a fluctuation of 30 pips (0.3 JPY) or more within 10 minutes (sharp rise or sharp drop). After that, notifications for sudden fluctuations under the same conditions will be suspended for 1 hour.

polygon XAUUSD

You will receive a notification when the price fluctuates by more than 20 USD within an hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be paused for 4 hours.

polygon BTCUSD

You will receive a notification when the price fluctuates by more than 2,000 USD within one hour (sharp rise or sharp drop). After that, notifications for sudden price fluctuations under the same conditions will be suspended for 4 hours.

Return to Notification Settings