![100 cad to usd 100 cad to usd](https://www.worldmoneypay.com/images/exchange-usd-cad-toronto.jpg)
West Texas Intermediate (WTI) crude was trading 1.13% higher at $84.71 a barrel. August GDP data released two days after the BoC meeting may provide only a small help to CAD.”Ĭanada is the world’s fourth-largest exporter of oil, which edged higher on supply and storage tightness. “With the USD correction now past us, in our view, we see the balance of risks clearly tilted to the upside for USD/CAD. The main market focus will most likely be on the forward-looking language, and here we suspect that the Bank may simply reiterate they expect the first hike in 2H22, hence falling short of the market’s aggressive tightening expectations, which are fully pricing in an April hike and see an 80% probability of a March hike,” ING’s Pesole added. As discussed in our BoC preview, we do expect the Bank to deliver another round of tapering – cutting weekly purchases from CA$2bn to CA$1bn – but that is a move that is likely fully priced in. “The Bank of Canada meeting week might prove to be a catalyst for an upside correction in USD/CAD. Investors will closely watch the Bank of Canada’s next monetary policy decision, which is scheduled for October 27. The Canadian dollar gained about 2.5% so far this month after depreciating around 0.5% in September.
![100 cad to usd 100 cad to usd](https://a.c-dn.net/b/3tqTF1/headline_GettyImages-122681643.jpg)
Today, the USD/CAD fell to 1.2336, not far from the nearly four-month high of 1.2287 hit last week – from Friday’s close of 1.2367.