USD/CAD FLAT LINES NEAR 1.3950, BOC RATE DECISION IN THE SPOTLIGHT
USD/CAD FLAT LINES NEAR 1.3950, BOC RATE DECISION IN THE SPOTLIGHT
The USD/CAD currency pair is trading near 1.3950 during the early Asian session on Wednesday, with the Bank of Canada's (BoC) upcoming interest rate decision drawing significant attention.
USD/CAD is holding steady near 1.3950, reflecting a cautious market stance ahead of the BoC's rate decision.
Market participants are closely monitoring the BoC's stance on interest rates, with expectations of a dovish approach potentially limiting the Canadian Dollar's upside.
Recent Canadian Consumer Price Index (CPI) data showed a rise to 2.0% in October from 1.6% in September, influencing market expectations for the BoC's policy direction.
Ongoing geopolitical tensions, particularly between Russia and Ukraine, are contributing to market uncertainty, affecting currency movements.
Investors are adopting a wait-and-see approach, with the BoC's upcoming decision expected to provide clearer direction for the USD/CAD pair.
