Canadian Dollar May Rise on Firming Market Sentiment, Hesitant BOC

CAD to Push Higher as BoC Focus on QE The Canadian Dollar may continue to push higher despite a significant rise in local coronavirus infections, as the Bank of Canada leans away from negative rates and focuses on adjusting its Quantitative Easing program. The BoC opted to maintain its target for the overnight rate “at the effective lower bound of 0.25%” and recalibrated its QE program to “shift purchases toward longer-term bonds” at its monetary policy meeting in October. Governor Tiff Macklem and the Governing Council also moved to gradually reduce the program’s total purchases to “at least $4 billion a … (full story)

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