CAD traded flat against other major currencies in the European session on Wednesday as investors braced for the outcomes of the Bank of Canada’s meeting later in the day.
The Canadian central bank will announce the results of its April gathering at 13:45 GMT. While no change in interest rates is expected, investors will closely scrutinise the central bank's policy statements on hints that the BoC’s policymakers are preparing to lower interest rates at the coming meetings. The Canadian latest economic data, which showed a stronger-than-anticipated deceleration in inflation and an unexpected decline in employment, indicated in favour of monetary policy easing by the BoC. Markets expect the first rate cut to be approved at the BoC's June meeting.