The Bank of Canada meeting minutes from the July interest rate decision
Ahead of Bank of Canada’s July 30 rate announcement, some Governing Council members felt the Bank may already have provided enough support for the economy
Other Governing Council members felt further monetary policy support would likely be needed
There was some debate inside Governing Council about what monetary policy could do to support the economy through this period of upheaval
Governing Council agreed on the need to wait for more clarity before drawing firm conclusions
Governing Council agreed there were no signs that inflation expectations had become de-anchored
Governing Council felt that the fundamental rewiring of the global trading system could be inflationary for some time
Governing Council agreed that the degree of firmness in underlying inflation was an important consideration for the rate decision
Governing Council agreed spillovers from lower export demand into business investment, employment, and household spending had been limited
The USDCAD remains above its 100-bar moving average on the 4- hour chart at 1.37433, and below the 100-day moving average at 1.3778. Traders are looking for a shove outside of that narrow support and resistance target area (see video from earlier today below).
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