CAD BOC Rate Statement Weekly Fundamental & Technical Forcast

• Optimism about the reopening of the Canadian economy and a common risk-friendly market theme pushed CAD higher across the board
• The Bank of Canada (BOC) kept its rates steady in July and was generally dovish in its statements
• Analysts aren’t expecting any policy changes from BOC this week
• Trader will look for Inflation clue again
• BOC Governor Tiff Macklem will hold a presser after the statement’s release
• Lockdown, stimulus and vaccine update will continue to affect the demand for crude oil and influence CAD’s intraweek trends

Technical Overview

• Profit-taking can happen from last week’s strong moves
• CADCHF stochastic looking overbought zone
• CAD may soon be oversold against NZD
• CADJPY long time bullish trend looking
• CAD was most volatile against the yen and the European currencies in the last seven days