The CAD/SGD currency pair was constrained within a tight daily range on Tuesday, trading near a 1-week high of 0.9334, ahead of Bank of Canada’s minutes release and after Singapore’s final GDP 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 Singapore, final data showed the economy had expanded 6.9% year-on-year in Q4, accelerating from 4.6% YoY in the preceding quarter and also exceeding the flash estimate of 5.7%.
Taking into account the entire 2025, Singapore’s GDP grew 5%, easing from a 5.3% expansion in 2024, but topping the Ministry of Trade and Industry’s estimate of 4.8%.
The MTI has now revised up its 2026 GDP growth forecast to 2%-4% from 1%-3% previously. The MTI said a sustained artificial intelligence boom, expansionary fiscal policies in major economies and accommodative global financial conditions would likely support global growth in 2026.
The CAD/SGD currency pair was last little changed on the day to trade at 0.9328.
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