Canadian Traders Await BoC Report

The Canadian Dollar closed lower today in a volatile two-sided trade.Several times throughout the New York session, the market traded on theplus side only to be met with selling pressure which drove it lower.

The Canadian Dollar closed lower today in a volatile two-sided trade. Several times throughout the New York session, the market traded on the plus side only to be met with selling pressure which drove it lower.

Traders seemed reluctant to take a major position ahead of an important Bank of Canada announcement report. On Thursday, the BoC is set to reveal its plans for quantitative easing. Traders are waiting to see the amount and duration of the new plan. In addition, the BoC is expected to reveal the means to stimulate the economy.

Traders know the method will be unconventional but aren’t sure if it will be accomplished through the purchase of sovereign debt, corporate debt or bank securities.