CAD rose against most of the other major currencies in the European session on Wednesday as investors waited for the announcement of the Bank of Canada’s rate decision later in the day.
The Canadian dollar slipped versus USD but appreciated versus the rest of the major rivals before the event.
Given weak economic growth in the third quarter and increased unemployment numbers, markets widely anticipate the Canadian central bank will deliver an outsized 50-basis-point rate cut when it announces the outcomes of today’s meeting at 14:45 GMT. The move would bring the BoC’s benchmark rate down to 3.25%, the top end of the 2.25-3.25% range the Bank considers as neutral.