Will the Canadian dollar continue to consolidate?

26 January 2022 316
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Today, the Bank of Canada will hold a meeting in terms of monetary policy. The rate change is not expected now but statements about tightening of policy on the horizon of the 1-2 quarters 2021 are quite possible.

The EURCAD pair is in the downtrend for over a month. The recent bounce from the minimum of 1.41 did not continue, the decline resumed.

High prices for oil give additional support to the Canadian currency. For the euro, high prices for energy are negative, and zero rate of the ECB obviously does not help.

After the verdict of the Bank of Canada, EURCAD can test the level of 1.41 again.

This content is for informational purposes only and is not intended to be investing advice.

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