Market Update: BOC Rate Statement

Today’s Bank of Canada (BOC) rate statement can be the perfect opportunity to trade on the breakout using USD/CAD binary options.The report is due out today at 2:00pm GMT and is expected to hold overnight rates constant. Any surprise announcement could trigger a revaluation of the CAD against the dollar.

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Trade Alert for BOC Rate Statement

The BOC’s interest rate statement is the primary tool the BOC uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.

Why is it important?

Traditionally a high impact economic event, with more hawkish statements than what is expected serving as a signal for traders to invest in the currency.

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