The CAD/SEK currency pair held within striking distance of a 2 1/2-week high of 6.6372 on Tuesday ahead of Bank of Canada’s minutes release and after Sweden’s industrial output data.
The Bank of Canada kept its benchmark interest rate intact at 2.25% at its January meeting, in line with market expectations.
BoC policy makers said that the current stance remained appropriate given the central bank’s baseline economic outlook.
Governor Tiff Macklem noted that a high level of trade uncertainty made it difficult to project when and in what direction the policy rate might next move.
In its quarterly monetary policy report, the central bank maintained its forecast for modest growth this year and in 2027, while inflation is expected to hover around the 2% target.
Meanwhile, in Sweden, industrial production growth was reported to have picked up to 4.2% year-on-year in December from 3.1% YoY in the prior month.
Sweden’s manufacturing output grew 4.2% YoY in December, after a six-month low of 2.3% YoY in November. Growth in the sector was mostly driven by higher output for computer, electronic and optical products, up 30.3% YoY, as well as for electrical equipment, up 24.3% YoY.
The CAD/SEK currency pair was last up 0.11% on the day to trade at 6.5781.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
