Canadian rate statement may boost loonie
- Last Updated on 09 February 2012
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The Canadian dollar saw a very bullish day yesterday, as gains were recorded against the euro and US dollar. The closure of US markets yesterday, combined with continued negative news out of the euro-zone, fuelled the loonie's upward trend. With significant Canadian news set to be released today, the CAD will likely see another volatile day.
While analysts are not predicting the Bank of Canada to change the national interest rate, traders will want to pay close attention to the Bank of Canada's rate statement. The statement will be a good indication of the current state of the Canadian economy. Positive news should help the loonie extend its gains going into the rest of the week.