The CAD/CHF currency pair traded within a tight range on Wednesday, as investors braced for the outcome of the Bank of Canada’s policy meeting later in the day.
The Bank of Canada is expected to lower its benchmark interest rate by 25 basis points to 3.00% at its January policy meeting.
Following the sizeable 50bp rate cut in December, rhetoric from BoC policy makers suggested there would likely not be any more aggressive rate reductions in 2025.
The 50 bp cut came after data showed that the Canadian economy had grown at an annualized rate of 1% in the third quarter, or below the BoC’s forecast. Fourth-quarter GDP growth may also fall short of projections.
Meanwhile, CHF traders will also look to the Swiss trade data for December due out tomorrow.
The CAD/CHF currency pair was last inching up 0.03% on the day to trade at 0.6276.
The Forex pair has pulled back from Monday’s one-month low of 0.6242.
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