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Canadian Dollar Forecast: Loonie Awaits BoC Guidance on QE Pace

Canadian Dollar Forecast: Loonie Awaits BoC Guidance on QE Pace 2021-03-06 04:00:00 Rich Dvorak, Analyst CANADIAN DOLLAR WEEKLY FUNDAMENTAL FORECAST – BULLISH Canadian Dollar remains in demand with strength tracking the surge in oil price action Bank of Canada is widely expected to leave its policy interest rate unchanged next week The Loonie might extend its stretch of gains if the BoC decides to taper its QE program Advertisement The Canadian Dollar gained a considerable amount of ground against its FX peers this past week. Canadian Dollar strength relative to the Euro and Yen stood out most prominently. EUR/CAD plunged 310-pips on balance while CAD/JPY jumped to its highest level since December 2018. USD/CAD price action also edged lower in spite of broad-based US Dollar strength.

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