The AUD/CAD currency pair traded in proximity to a fresh two-week high of 0.8824 on Monday, as market players shift their focus to the minutes of the Reserve Bank of Australia’s February policy meeting for more insight into the central bank’s thinking.
The RBA left its cash rate without change at 4.35% at its February meeting, as largely expected.
Yet, the central bank warned further policy tightening could not be ruled out, as inflation was still elevated and cost of services was not decreasing quickly enough.
RBA policy makers noted they needed to be confident that inflation would go back down to the target range of 2% to 3% in 2025 and to the midpoint in 2026.
The RBA minutes will be released on Tuesday.
Meanwhile, CAD traders are now expecting Canada’s CPI inflation figures for January due out at 13:30 GMT on Tuesday.
Annual consumer inflation probably slowed to 3.2% in January, according to market consensus, from 3.4% in December.
As of 8:48 GMT on Monday the AUD/CAD pair was edging up 0.20% to trade at 0.8816. Earlier in the session, the minor Forex pair went up as high as 0.8824. The latter has been the pair’s strongest level since February 2nd (0.8841).
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