NASDAQ Experiences Steepest Decline Since December 2022, While DJIA Hits Record High | Forexlive

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Weekly Forecast for USD/CAD: Bank of Canada Likely to Implement Early Rate Cut

The USD/CAD currency pair has been closely watched by traders and investors in recent weeks as the Bank of Canada is expected to implement an early rate cut in response to the economic impact of the ongoing COVID-19 pandemic. The Canadian dollar has been under pressure as the country grapples with a sharp decline in oil prices and a slowdown in economic activity.

The Bank of Canada is scheduled to announce its interest rate decision this week, and many analysts are predicting that the central bank will cut rates by at least 25 basis points. This would bring the benchmark interest rate to 0.50%, which would be the lowest level since the financial crisis in 2009.

The decision to cut rates early comes as central banks around the world are taking action to support their economies in the face of the coronavirus outbreak. The Bank of Canada has already taken steps to provide liquidity to the financial system and has indicated that it stands ready to take further action if necessary.

The rate cut is expected to put downward pressure on the Canadian dollar, which has already weakened significantly in recent weeks. The USD/CAD pair has been trading near multi-year highs as investors seek safe-haven assets amid the uncertainty surrounding the global economy.

In addition to the rate cut, traders will also be watching for any comments from Bank of Canada Governor Stephen Poloz regarding the central bank’s outlook for the economy. The bank is expected to lower its growth forecast for 2020 due to the impact of the coronavirus outbreak on global trade and consumer spending.

Overall, the outlook for the USD/CAD pair remains bullish in the short term as the Bank of Canada is expected to implement an early rate cut to support the economy. However, traders should be prepared for volatility in the currency pair as market sentiment can change quickly in response to new developments related to the coronavirus outbreak.