The Bank of Canada removed “cautious” from the monetary policy statement, suggesting a slightly less data-dependent approach to policy normalisation, which should lead the market to price in a July hike with more conviction, suggests Sam Bonney, Research Analyst at Nomura. Key Quotes “The BOC kept rates unchanged today, in line with consensus and market expectations. However, as we expected, the BOC has tipped the market towards pricing a hike to come in July.” “Specifically, the BOC removed “cautious” from the statement: April: (the) “Governing Council will remain cautious with respect to future policy adjustments” May: (the) “Governing Council will take a gradual approach to policy adjustments” “The BOC continues to note that it will be “guided by incoming data”, but the statement clearly signals a slightly less data-dependent approach than previously communicated.” “Furthermore, clarification of the reasoning behind the change will likely come from BOC officials ahead of the July meeting, which could provide further hawkish surprises. Tactically, we see opportunities for CAD longs against other commodity currencies into the July BOC meeting.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin price analysis: BTC/USD spikes to $7,500, Robert Shiller says Bitcoin will die out like dinosaurs FX Street 5 years The Bank of Canada removed "cautious" from the monetary policy statement, suggesting a slightly less data-dependent approach to policy normalisation, which should lead the market to price in a July hike with more conviction, suggests Sam Bonney, Research Analyst at Nomura. Key Quotes "The BOC kept rates unchanged today, in line with consensus and market expectations. However, as we expected, the BOC has tipped the market towards pricing a hike to come in July." "Specifically, the BOC removed "cautious" from the statement: April: (the) "Governing Council will remain cautious with respect to future policy adjustments" May: (the) "Governing Council will… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
