The Bank of Canada cut right by 50 basis points which was as expected. The central bank wants to keep inflation near 2%. The focus is to maintain low, stable inflation while increasing growth. The central bank lowered the CPI forecast for 2024 and 2025. Core inflation was also lowered.
Technically, the price action has been minimal but the high of the swing area outlined in my previous post has been able to hold resistance at 1.38475. So has the low of the swing area at 1.38337. Buyers and sellers are battling it out and await the next break with momentum.
The press conference with BOC Macklem (and company) begins at 10:30 AM ET.
This article was written by Greg Michalowski at www.forexlive.com.
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