You are visiting the website that is operated by Ultima Markets Ltd, a licensed investment firm by the Financial Services Commission “FSC” of Mauritius, under license number GB 23201593. Please be advised that Ultima Markets Ltd does not have legal entities in the European Union.
If you wish to open an account in an EU investment firm and protected by EU laws, you will be redirected to Huaprime EU Ltd duly licensed and regulated by the Cyprus Securities and Exchange Commission.
The Canadian dollar weakened to an 11-week low against its U.S. counterpart on Wednesday after the Bank of Canada implemented a larger-than-usual interest rate cut, while the U.S. dollar extended its recent large gains. USDCAD rose 0.15%, closing at $1.3837.
(USDCAD Daily Price Chart, Source: Trading View)
The Bank of Canada lowered its benchmark rate by 50 basis points to 3.75%, as anticipated, and highlighted signs that Canada is returning to a low-inflation environment. This was the first rate cut of this magnitude in 15 years, excluding pandemic-related adjustments, and it brings the total easing since June to 125 basis points.
(Bank of Canada Overnight Rate, Source: Forex Factory)
Key indicators including real GDP, the labor market, and inflation are all pointing to a weaker outlook than the Bank of Canada had previously forecasted. Consumer prices in Canada slowed to 1.6% last month, falling below the BoC’s 1% to 3% target range, with the midpoint being 2%. GDP grew at a modest 0.2% rate in July, and a preliminary estimate suggests that growth likely stalled in August.
Additionally, investors are speculating that the policy rate could be reduced below the upper bound of the 2.25%-3.25% neutral range as early as January.
Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
Why Trade Metals & Commodities with Ultima Markets?
Ultima Markets provides the foremost competitive cost and exchange environment for prevalent commodities worldwide.
Start TradingMonitoring the market on the go
Markets are susceptible to changes in supply and demand
Attractive to investors only interested in price speculation
Deep and diverse liquidity with no hidden fees
No dealing desk and no requotes
Fast execution via Equinix NY4 server
Ultima Markets is a member of The Financial Commission, an international independent body responsible for resolving disputes in the Forex and CFD markets.
All clients of Ultima Markets are protected under insurance coverage provided by Willis Towers Watson (WTW), a global insurance brokerage established in 1828, with claims eligibility up to US$1,000,000 per account.
TRADE WITH US
RISK DISCLOSURE
Risk Warning: Trading Forex and CFDs carries the risk of losing substantially more than your initial investment and should only be traded with money you can afford to lose. You do not own or have any rights to the assets that underlying the derivatives (such as the right to receive dividend payments). Ensure you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please consider our legal documents and ensure that you fully understand the risks before you make any trading decisions.
General Advice Warning: The information on this website is a general nature only and any advice has been prepared without taking account of your objectives, financial situation or needs. Accordingly, before acting on the advice, you should consider the appropriateness of any advice having regard to your objectives, financial situation and needs, and after considering the legal documents.
Regional Restrictions:This information or devices on this website is not directed or offered to residents of certain jurisdictions such as the United States, North Korea etc. For more information, please contact our customer support team.
Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
Huaprime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
Copyright © 2024 Ultima Markets Ltd. All rights reserved.
-
Messenger
Continue on Messenger
Take the conversation to your Messenger account. You can return anytime.
Scan the QR code and then send the message that appears in your Messenger.
Open Messenger on this device.
-
Instagram
Continue on Instagram
Take the conversation to your Instagram account. You can return anytime.
Scan the QR code to open Instagram. Follow @ultima_markets to send a DM.
Open Instagram on this device.
-
Live Chat
-
