The Bank of Canada’s (BoC) latest survey showed that most market participants expect the BoC to hold its policy rate at 5% until the end of 2023, as reported by Reuters.
A median of the participants forecast the BoC to reduce the key interest rate to 3.50% in the fourth quarter of 2024.
Market reaction
The Canadian Dollar is struggling to stay resilient against its rivals on Monday. As of writing, the USD/CAD pair was trading at a daily low of 1.3163, losing 0.45% on a daily basis.
Source: https://www.fxstreet.com/news/boc-survey-participants-see-boc-holding-rates-at-50-until-end-2023-202307241450