This article is originally referred from Fortrade News
The Bank of Canada (BoC) will announce its decisions regarding its key policy interest rate decision on Wednesday, December 7th at 15:00 GMT.
During its previous meeting in October, the BoC left interest rates unchanged at 0.5%.
Traders will be watching this event with keen interest after OPEC’s deal to cut production last week sent the price of oil skyrocketing 14%, and in light of a recent rise in both Europe’s demand for natural gas, and the value of the Canadian dollar highs against its US counterpart (USD/CAD).
The major oil exporting country is expected to gain from these events as oil and natural gas make up a large part of the Canadian economy.
Volatility in CAD currency pairs and Canadian-based CFDs is anticipated to be high all throughout the day. These are the instruments most likely to be effected:
|Financial Instrument (Symbol)||BUY Price*||SELL Price*||Leverage Ratio|
|US Dollar/Canadian Dollar (USD/CAD)||1.3266||1.3261||1:200|
|Euro/Canadian Dollar (EUR/CAD)||1.4284||1.4275||1:200|
|WTI Crude Oil (CL)||51.48||51.44||1:100|
|Natural Gas (NG)||3.687||3.678||1:50|
* CFD ‘Buy’ and ‘Sell’ prices as of Wednesday, December 6th at 11:25 GMT.
In light of recent events, what’s next for Canada’s economy? Don’t miss your chance to capitalise on this top trading opportunity!
Original Source: Fortrade News