{"id":105734,"date":"2020-10-09T19:37:18","date_gmt":"2020-10-09T18:37:18","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=105734"},"modified":"2020-10-12T07:08:18","modified_gmt":"2020-10-12T06:08:18","slug":"104508-canadian-dollar-supported-as-boc-dismisses-negative-rates","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/104508-canadian-dollar-supported-as-boc-dismisses-negative-rates\/","title":{"rendered":"Canadian Dollar Supported As BoC Dismisses Negative Rates"},"content":{"rendered":"<ul>\n<li><strong>The safe haven USD and JPY moved southwards in the\u00a0 Asian session on\u00a0 fiscal stimulus optimism.<\/strong><\/li>\n<li><strong>The Canadian Dollar underpinned as BoC moves away from\u00a0 negative rates.<\/strong><\/li>\n<li><strong>USD\/CAD targets monthly lows after tanking through support.<\/strong><\/li>\n<li><strong>CAD\/JPY could advance further\u00a0 as price creates a bullish Ascending Triangle pattern.<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Risk on dominated in the Asian session on fiscal stimulus hopes as House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continued negotiations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The safe haven US Dollar and Japanese Yen extended losses versus major peers. The risk-sensitive Australian Dollar rallied toa monthly high.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Gold rallied above $1,910\/oz Silver surged 1.8%. US 10-year Treasury yields slipped lower.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Canadian employment figures for September are in focus.<\/span><\/p>\n<p><strong>BoC Keeps Negative Rates As A Possibility<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">Canadian Dollar could outperform peers in the short term despite Bank of Canada Governor Tiff Macklem\u2019s saying that\u00a0 negative interest rate policy is a tool in the central bank\u2019s toolkit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cNever say never\u201d . This could be the central bank\u2019s way of soothing the market into knowing more can be done should the economy slow considerably.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Governor added that \u201cas much as a bold policy response was needed, it will inevitably make the economy and financial system more vulnerable to economic shocks down the road\u201d, furthermore \u201cthe bottom line is that the private and public sectors together need to be acutely aware of financial system risks and vulnerabilities as the economy recovers\u201d.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This may suggest that policymakers are increasingly aware of the potential impact of alternative monetary policy measures .IT could take a marked deterioration in macro data for the BoC to ease further.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Disappointing employment data for\u00a0 September could force\u00a0 the BoC to reconsider its\u00a0 wait-and-see positioning to monetary policy, especially as high frequency data points to a distinct slowdown in all three mobility metrics \u2013 walking, driving and transit. A resurgence of covid could derail the economic recovery..<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Canada recorded its highest number of new coronavirus infections since the pandemic began, on October 8.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile the Canadian Dollar looks set to advance versus the Japanese Yen and US Dollar if upcoming economic data urges the BoC to keep its monetary policy levers steady.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The safe haven USD and JPY moved southwards in the\u00a0 Asian session on\u00a0 fiscal stimulus optimism. The Canadian Dollar underpinned as BoC moves away from\u00a0 negative rates. USD\/CAD targets monthly lows after tanking through support. CAD\/JPY could advance further\u00a0 as price creates a bullish Ascending Triangle pattern. Risk on dominated in the Asian session on [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":83470,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1381],"tags":[1680,1398,1869],"class_list":{"0":"post-105734","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-usd","9":"tag-cad","10":"tag-usd","11":"tag-usd-cad"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Dollar Supported As BoC Dismisses Negative Rates - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/104508-canadian-dollar-supported-as-boc-dismisses-negative-rates\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104508-canadian-dollar-supported-as-boc-dismisses-negative-rates\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104508-canadian-dollar-supported-as-boc-dismisses-negative-rates\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"Canadian Dollar Supported As BoC Dismisses Negative Rates\",\"datePublished\":\"2020-10-09T18:37:18+00:00\",\"dateModified\":\"2020-10-12T06:08:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104508-canadian-dollar-supported-as-boc-dismisses-negative-rates\\\/\"},\"wordCount\":366,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104508-canadian-dollar-supported-as-boc-dismisses-negative-rates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/12\\\/Pound-Stronger-Despite-than-Cad.jpg\",\"keywords\":[\"cad\",\"usd\",\"usd\\\/cad\"],\"articleSection\":[\"CAD\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104508-canadian-dollar-supported-as-boc-dismisses-negative-rates\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/104508-canadian-dollar-supported-as-boc-dismisses-negative-rates\\\/\",\"name\":\"Canadian Dollar Supported As BoC Dismisses Negative Rates - 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