Canadian stocks are in an upbeat tone ahead of the upcoming Bank of Canada (BoC) interest rate decision. The S&P/TSX Composite index, which tracks the top Canadian stocks, jumped to C$21,525 on Monday as it nears its all-time high (ATH) of C$22,207.
Bank of Canada decision ahead
The has joined other global indices in a spectacular rally in the past few months. Key indices like the , S&P 500, , and have all moved to their all-time highs.
The next important catalyst for the TSX index will be the upcoming BoC decision, which will likely set the tone for what to happen this year.
Economists expect that the bank will not tweak its interest rates this time. Instead, it will leave rates unchanged at 5.0% as it has done in the past five months.
The bank, will, however, hint that a rate cut will happen soon. Besides, there are signs that Canada’s inflation is moving in the right direction. The headline CPI moved to 2.9%, much lower than…
