The Bank of Canada (BOC) holds regular meetings to review the state of the Canadian economy and to set its monetary policy. The BOC is responsible for promoting price stability and economic growth in Canada.
During each meeting, the Governing Council of the BOC reviews a range of economic and financial data, including inflation, employment, and financial market conditions. The council also considers global economic and financial developments that could affect Canada’s economic outlook.
At the end of each meeting, the BOC releases a statement outlining its policy decisions and the rationale behind them. This statement includes a description of the current economic conditions, the BOC’s assessment of the risks to the economic outlook, and its policy decisions, including any changes to its key interest rates.
BOC Meeting Schedule 2023
Note that these dates are subject to change, and the BOC may also hold additional meetings if necessary to respond to economic or financial developments.
How BOC Meeting impact on Forex
The Bank of Canada (BOC) meetings can have a significant impact on the forex market, as the central bank’s policy decisions and statements can affect the value of the Canadian dollar (CAD) against other currencies.
When the BOC announces a change in its monetary policy, such as a decision to raise or lower interest rates, this can cause significant movements in the forex market. For example, if the BOC decides to raise interest rates, this can make the CAD more attractive to investors, leading to an increase in demand for the currency and a corresponding increase in its value relative to other currencies.
Conversely, if the BOC decides to lower interest rates, this can make the CAD less attractive to investors, leading to a decrease in demand for the currency and a corresponding decrease in its value relative to other currencies.
In addition to its policy decisions, the BOC’s statements and press conferences can also provide important insights into the central bank’s outlook for the Canadian economy, which can affect investor sentiment and currency valuations.
Overall, forex traders closely monitor the BOC’s actions and communications in order to stay informed about potential changes in Canadian monetary policy and their potential impact on currency valuations.