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The BOC is scheduled to print its policies this week! Will Poloz and his team finally hint at a rate cut? Here’s what you need to know about the event.

BOC’s policy decision (Apr 24, 3:00 pm GMT)

As expected, the Bank of Canada (BOC) kept its benchmark interest rate at 1.75%, the highest since December 2008, in March. Ditto for the bank and deposit rates, which were held at 2.0% and 1.50% respectively.

What traders didn’t expect was that Governor Poloz and his team would sound more dovish compared to the previous meeting. They talked about Canada’s “mixed” data leading to the “increased uncertainty about of the timing of future rate increases.

Aside from that, the BOC also did a Fed and warned that “the slowdown in the fourth quarter was sharper and more broadly based,” so much so that the current “outlook continues to warrant a policy interest rate that is below its neutral range.”

The Loonie was already on its way down the charts but the BOC’s surprisingly dovish stance accelerated its decline against its counterparts.

Will the BOC officially move to a more neutral stance this week? Given how Poloz’ recent speech talked about being “very data dependent,” it’s possible that the central bank would emphasize its neutrality going forward.

Keep an eye out for any hints of even more dovishness, which could drag the Loonie lower across the board.

Oil-related updates

The Black Crack received a nice boost earlier today when news went around that the U.S. might not be renewing Iran’s oil sanction wavers when it expires on May 2.

See, China, Greece, India, Italy, Japan, South Korea, Taiwan, and Turkey can currently buy Iranian oil without dealing with Uncle Sam’s wrath. Well, word around is that the free pass won’t be renewed next month.

If this theme continues to dictate crude oil prices, then we could see crude oil rise higher and take the oil-related Loonie with it.

Make sure y’all are staying glued to the tubes, aight?