There is widespread speculation among investors that the Bank of Canada (BoC) will reduce interest rates for the fourth consecutive time in the upcoming meeting. It is predicted that the rate could be lowered by as much as 50 basis points (bps).

According to a BoC survey, Canadian businesses have reported that demand continues to show signs of weakening, resulting in slower-than-expected sales growth, even though revenues slightly increased in the third quarter. The survey also indicated that a rate cut might help stimulate the economy during this time.

Source: Fxstreet