[VIDEO] BOC as expected, EUR/CAD at key level

Multiple Euro bank notes in 20€, 50€ and 100€
Joe Perry
By :  ,  US Market Analyst

The Bank of Canada left rates unchanged today and said that rates would remain at the record low 0.25% until economic slack is absorbed, which they didn’t expect to be until 2023, at the earliest.  The BOC also left their bond purchase program unchanged, buying up to 4 billion Canadian Dollars a week. 

EUR/CAD has been in a downward sloping channel since July 31st, 2020 and broke lower out of the channel, and below the 50% retracement level from the February 2020 lows to the highs of March 19th, 2020 , on March 3rd

Remember, the ECB meets later, and EUR/CAD is sitting at a key level.  Because the Bank of Canada was “as expected” today, any changes to the European Central Banks current monetary stimulus program could cause this pair to move quickly.

Learn more about forex trading opportunities.

Related tags: CAD EUR Forex BOC

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.

Economic Calendar