Bank of Canada
a.k.a. BoC
Canada's central bank, which sets the country's key interest rate and steers the Canadian dollar's…
In plain English
Canada's central bank, which sets the country's key interest rate and steers the Canadian dollar's monetary backdrop.
The Bank of Canada (BoC) sets Canada's policy rate with the aim of keeping inflation near 2%. It announces decisions eight times a year on a pre-set schedule.
Its moves, and its tone, shake USD/CAD. Because Canada's economy is tied to the US and to oil, BoC decisions are often read against what the Fed is doing and where crude is heading.
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