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CAD is weakening before BoC monetary decision. What comes next?

CAD is weakening before BoC monetary decision. What comes next?

Information is not investment advice

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Ichimoku Kinko Hyo

NZD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand between 38.2% and 23.6 retracement area. The last day bulls have returned and try to gain control.

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EU Market View

The USD 1.9tln relief bill passed the procedural hurdle in the House which paves the way for a 2-hour debate and final vote on Wednesday morning. Asia-Pac markets traded with a slight positive bias following on from the gains on Wall Street where stocks were led higher by an aggressive resurgence in technology sector. European stock markets are seen opening lower Wednesday, struggling to maintain the momentum seen on Wall Street overnight amid worries of a slowing economic recovery.

Eurozone quarterly GDP was revised down to -0.7% in the fourth quarter on Tuesday from the preliminary reading of -0.6% despite stronger growth from Germany, as the lockdowns across the euro area weighed on growth. EU leaders have been under pressure over the slow rollout of Covid-19 vaccines on the continent, compared with the UK, where a third of the adult population have now received their first dose.

Oil fell for a third straight session on Wednesday as investors took profits while looking ahead to U.S. inventories data due later in the day for pointers on where prices will head next.

Looking ahead, highlights from macroeconomic calendar include US CPI, BoC rate decision. The Bank of Canada is set to leave interest rates unchanged but acknowledge robust growth prospects. The BoC is set to release updated growth and inflation forecasts, and these will likely be upgraded. BoC Governor Tiff Macklem, who holds a press conference after this publication, will find it hard to answer questions about desired low yields just after presenting a rosy picture.

EU Key Point

  • German health minister says will not see 10 million vaccinations per week in April.
  • Eurostoxx -0.5% in early European trading.
  • Dollar holds firmer ahead of European trading.
  • Germany reports 9,146 new coronavirus cases, 300 deaths in latest update today.
  • China stock markets recovering earlier losses.
  • Bank of Canada monetary policy decision due Wednesday 10 March 2021.
  • RBA says a tight labour market is key to driving higher wage growth.
  • Yellen promises to get $350bn in aid to state, local governments as quickly as possible.

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