The BOC raised its benchmark interest rate on Wednesday to 4.5%. The BOC announced it would probably delay future hikes for the time being. Canada’s economy will stagnate and possibly enter a recession during the year’s first half. Today’s USD/CAD outlook is slightly bullish. The Bank of Canada raised its benchmark interest rate on Wednesday to 4.5%, the highest level in 15 years. It made history by becoming the first significant central bank combating global inflation to announce it would probably delay future hikes for the time being. –Are you interested to learn more about Forex apps? Check our detailed guide- The 25-basis-point increase was in line with analysts’ predictions. To control inflation, which peaked at 8.1% and eased to 6.3% in December but is still more than three times the 2% target, the bank has raised rates at a record-breaking pace of 425 basis points in 10 months. Tiff Macklem, BOC governor, told reporters that “inflation is turning the corner.” We are still far from our goal, but recent events have strengthened our belief that inflation is decreasing. According to Macklem, the bank intended to take its time to assess if the quick increases had successfully tamed the excessive demand and hot labor markets that have fueled inflation. In its quarterly Monetary Policy Report (MPR), the bank presented a picture of an economy that is going to stagnate and possibly enter a recession in the first half of 2023, pushing inflation down to approximately 3% at midyear and back to 2% in 2024 USD/CAD key events today Numerous economic figures will be made public today in the US, including the GDP, core durable goods orders, initial unemployment claims, and new home sales data. These will indicate how the US economy is doing in the face of rising interest rates. Get FREE Forex Signals Now! USD/CAD technical outlook: Bulls struggle for control at the 30-SMA In the 4-hour chart, USD/CAD trades right below the 30-SMA while the RSI is near the 50-mark. The price is trading near a pivotal level after bulls took over at the 1.3351 support level. Bulls made a strong bullish candle that paused at the 1.3425 resistance and the 30-SMA. –Are you interested to learn more about STP brokers? Check our detailed guide- The price is currently consolidating below the SMA as bulls struggle for control. A break above the SMA and resistance level would see the bulls take over with the next target at the 1.3500 resistance. The price will retest the 1.3351 support if the 30-SMA resistance holds strong. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next GBP/USD Outlook: BoE Facing an Uphill Task with Inflation Saqib Iqbal 2 months The BOC raised its benchmark interest rate on Wednesday to 4.5%. The BOC announced it would probably delay future hikes for the time being. Canada’s economy will stagnate and possibly enter a recession during the year's first half. Today’s USD/CAD outlook is slightly bullish. The Bank of Canada raised its benchmark interest rate on Wednesday to 4.5%, the highest level in 15 years. It made history by becoming the first significant central bank combating global inflation to announce it would probably delay future hikes for the time being. -Are you interested to learn more about Forex apps? Check our detailed… 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.