{"id":523329,"date":"2023-03-10T10:14:36","date_gmt":"2023-03-09T23:14:36","guid":{"rendered":"https:\/\/www.gomarkets.com\/?p=523329"},"modified":"2023-10-05T11:02:41","modified_gmt":"2023-10-05T00:02:41","slug":"bank-of-canada-keeps-interest-rates-at-4-50","status":"publish","type":"post","link":"https:\/\/www.gomarkets.ltd\/en-svg\/articles\/forex-trading\/bank-of-canada-keeps-interest-rates-at-4-50\/","title":{"rendered":"Bank of Canada keeps interest rates at 4.50%"},"content":{"rendered":"<p>This week, the Bank of Canada (BoC) released its decision to hold interest rates at the current level of 4.50%. In the rate statement, the BoC indicated that inflation has eased to 5.9%, and the expectation for weaker economic growth and a moderation of wage growth could see inflation continue on its downward trajectory. The BoC highlighted that it projects that CPI inflation could reach the 3% level by the middle of the year, with core inflation reaching the target level of 2% in time to come.<\/p>\n<p>Following the release of the decision, the Canadian Dollar weakened, with the USDCAD trading higher to test the 1.38 round number resistance level. This move higher was compounded by the recent strength of the DXY, a result of Fed Chair Powell\u2019s testimony where he indicated that the Federal Reserve was ready to speed up rate hikes if the data warranted.<\/p>\n<p>The USDCAD could continue with the uptrend to trade significantly higher toward the next key resistance level of 1.39, especially if the US Non-Farm employment change to be released on Friday is stronger than expected. However, it is likely that the USDCAD could first retrace briefly to the 1.37 price level, which aligns with the 23.60% Fibonacci Retracement level before a continuation to the upside. This brief retracement is also supported by the Relative Strength Index (RSI) as it indicates a likelihood to turn down from the overbought region.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-523296 size-full\" src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2023\/03\/USDCAD_2023-03-09_17-32-55.jpg\" alt=\"\" width=\"1297\" height=\"856\" srcset=\"https:\/\/www.gomarkets.ltd\/wp-content\/uploads\/2023\/03\/USDCAD_2023-03-09_17-32-55.jpg 1297w, https:\/\/www.gomarkets.ltd\/wp-content\/uploads\/2023\/03\/USDCAD_2023-03-09_17-32-55-300x198.jpg 300w, https:\/\/www.gomarkets.ltd\/wp-content\/uploads\/2023\/03\/USDCAD_2023-03-09_17-32-55-1024x676.jpg 1024w, https:\/\/www.gomarkets.ltd\/wp-content\/uploads\/2023\/03\/USDCAD_2023-03-09_17-32-55-768x507.jpg 768w, https:\/\/www.gomarkets.ltd\/wp-content\/uploads\/2023\/03\/USDCAD_2023-03-09_17-32-55-600x396.jpg 600w\" sizes=\"auto, (max-width: 1297px) 100vw, 1297px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week, the Bank of Canada (BoC) released its decision to hold interest rates at the current level of 4.50%. In the rate statement, the BoC indicated that inflation has eased to 5.9%, and the expectation for weaker economic growth and a moderation of wage growth could see inflation continue on its downward trajectory. The [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":523314,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4289],"tags":[],"class_list":["post-523329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex-trading"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of Canada keeps interest rates at 4.50% - GO Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.ltd\/en-svg\/articles\/forex-trading\/bank-of-canada-keeps-interest-rates-at-4-50\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of Canada keeps interest rates at 4.50% - GO Markets\" \/>\n<meta property=\"og:description\" content=\"This week, the Bank of Canada (BoC) released its decision to hold interest rates at the current level of 4.50%. In the rate statement, the BoC indicated that inflation has eased to 5.9%, and the expectation for weaker economic growth and a moderation of wage growth could see inflation continue on its downward trajectory. 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In the rate statement, the BoC indicated that inflation has eased to 5.9%, and the expectation for weaker economic growth and a moderation of wage growth could see inflation continue on its downward trajectory. The ","link":"https:\/\/www.gomarkets.ltd\/en-svg\/articles\/forex-trading\/how-to-trade-the-us-dollar-index\/","type":"next","category":"forex-trading"},"previous":{"id":523261,"slug":"xauusd-gbpjpy-and-gbpusd-analysis","title":"XAUUSD, GBPJPY, and GBPUSD Analysis","date":"2023-03-07 12:13:36","excerpt":"This week, the Bank of Canada (BoC) released its decision to hold interest rates at the current level of 4.50%. In the rate statement, the BoC indicated that inflation has eased to 5.9%, and the expectation for weaker economic growth and a moderation of wage growth could see inflation continue on its downward trajectory. The ","link":"https:\/\/www.gomarkets.ltd\/en-svg\/articles\/forex-trading\/xauusd-gbpjpy-and-gbpusd-analysis\/","type":"previous","category":"forex-trading"},"category":{"slug":"forex-trading"},"_links":{"self":[{"href":"https:\/\/www.gomarkets.ltd\/en-svg\/wp-json\/wp\/v2\/posts\/523329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gomarkets.ltd\/en-svg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gomarkets.ltd\/en-svg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gomarkets.ltd\/en-svg\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gomarkets.ltd\/en-svg\/wp-json\/wp\/v2\/comments?post=523329"}],"version-history":[{"count":0,"href":"https:\/\/www.gomarkets.ltd\/en-svg\/wp-json\/wp\/v2\/posts\/523329\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gomarkets.ltd\/en-svg\/wp-json\/wp\/v2\/media\/523314"}],"wp:attachment":[{"href":"https:\/\/www.gomarkets.ltd\/en-svg\/wp-json\/wp\/v2\/media?parent=523329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gomarkets.ltd\/en-svg\/wp-json\/wp\/v2\/categories?post=523329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gomarkets.ltd\/en-svg\/wp-json\/wp\/v2\/tags?post=523329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}