Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Octa trading broker
Open trading account
Back

BoC Preview: Forecasts from seven major banks, leaving rates on hold

The Bank of Canada (BoC) is set to announce its interest rate decision on Wednesday, March 8 at 15:00 GMT and as we get closer to the release time, here are the expectations as forecast by the economists and researchers of seven major banks, regarding the upcoming announcement.

BoC is expected to keep rates steady at 4.5% in March. There is no press conference this time.

ING

“We have much more confidence that the BoC will leave policy rates unchanged. At the 25 January BoC policy meeting, the governing council stated that it expects to ‘hold the policy rate at its current level while it assesses the impact of the cumulative interest rate increases’ at upcoming meetings. The data since then has shown inflation undershooting expectations and GDP growth stalling, yet the economy continues to create jobs. We will get an update on Canadian jobs at the end of the week and we wouldn’t be surprised to see a correction lower given the volatility in the series.”

TDS

“The downside surprise on Q4 GDP should allow the BoC to look past the blockbuster January jobs number and keep the overnight rate unchanged at 4.50%. The forward guidance is not expected to change too much from January, though the BoC might want to put more emphasis on the conditional nature of its pause. A low-energy BoC meeting would likely direct CAD's focus to the evolving global narratives. We see USD/CAD holding the 1.33/1.37 range unless US inflation goes awry this month.”

NBF

“We expect the BoC to keep its policy rate unchanged. The decision won’t come with updated projections, but the rate statement should nonetheless provide a high-level opinion on how Governing Council views recent economic developments. Our expectation is that it notes the economy is progressing ‘broadly as expected’, a characterization which should give investors more confidence that April will also result in no change to policy. A speech delivered by Senior Deputy Governor Carolyn Rogers on Thursday should reinforce this. After a year of frequent surprises on BoC announcement days, we’re relatively confident this will be a straightforward affair.” 

CIBC

“The BoC is a near lock to leave rates unchanged this month but will retain language indicating that the pause is conditional on seeing the economy track in line with the Bank’s expectations.”

MUFG

“We expect the BoC to remain in wait-and-see mode this week as they continue to assess the lagged impact of monetary tightening delivered to date.”

Citibank

“The BoC’s policy decision is very likely to see the cash target unchanged at 4.50% given that economic developments in Canada have evolved ‘broadly in line with the MPR outlook’. The most important adjustments in the policy statement will be to the guidance, where Citi analysts’ base case is for very little change.”

Wells Fargo

“For the first time since January last year, we expect the BoC to hold its policy rate steady at 4.50%. In January, the BoC raised rates 25 bps but also said if economic developments evolve broadly as expected, it would hold interest rates steady while it assessed the impact of its cumulative interest rate increases. That suggests a relatively high bar to resume rate hikes, and one we do not think has yet been met.”

Forex Today: Hawkish Powell lifts US Dollar to multi-month highs ahead of US data

Here is what you need to know on Wednesday, March 8: While testifying before the US Senate on Tuesday, FOMC Chairman Jerome Powell opened the door wid
Read more Previous

USD Index climbs to fresh highs and targets 106.00 ahead of data, Powell

The greenback, in terms of the USD Index (DXY), maintains the bid tone well and sound and approaches the 106.00 zone on Wednesday. USD Index looks at
Read more Next