The EUR/CAD currency pair was constrained within tight daily range on Thursday ahead of the outcome of the European Central Bank’s policy meeting and Canadian jobs data.
The European Central Bank is largely expected to keep its main refinancing operations rate intact at 2.15% at its February 5th policy meeting.
And, the ECB deposit facility rate is expected to be kept at 2.00%.
In December, the ECB Governing Council reaffirmed its objective of bringing inflation back to the 2% target over the medium term and reiterated that rate decisions would continue to be taken on a meeting-by-meeting basis.
ECB President Lagarde emphasized that the central bank did not have a predetermined path for interest rates and, given the high degree of uncertainty, it could not provide forward guidance.
Meanwhile, CAD traders will be paying close attention to Canadian labor market data due out on Friday for fresh clues over consumer spending strength.
Canada’s economy probably added 7,000 jobs in January, according to market consensus, following a job growth of 8,200 in December.
The unemployment rate in the country probably remained steady at 6.8% in January.
The EUR/CAD currency pair was last up 0.07% on the day to trade at 1.6137.
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