BoC Survey: Participants see BoC holding rates at 5.0% until end-2023

The Bank of Canada's (BoC) latest survey showed that most market participants expect the BoC to hold its policy rate at 5% until the end of 2023, as reported by Reuters.

A median of the participants forecast the BoC to reduce the key interest rate to 3.50% in the fourth quarter of 2024.

Market reaction

The Canadian Dollar is struggling to stay resilient against its rivals on Monday. As of writing, the USD/CAD pair was trading at a daily low of 1.3163, losing 0.45% on a daily basis.