Bank of Canada (BoC) | FX Bank Forecast

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FX BANK FORECAST · COVERAGE

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Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 38 institutional desks. No promotion.

BoC & the CAD: common questions

Date	Event	Country	Impact	Consensus	Previous
2026-11-16	Median CPI YoY (Oct)	CA	High	—	1.9%
2026-11-16	Inflation Rate MoM (Oct)	CA	Med	—	0.1%
2026-11-16	Core Inflation Rate YoY (Oct)	CA	Med	—	2.2%
2026-11-16	Common CPI YoY (Oct)	CA	High	—	2.4%
2026-11-16	Inflation Rate YoY (Oct)	CA	High	—	3.1%
2026-11-16	Trimmed CPI YoY (Oct)	CA	High	—	1.8%
2026-11-17	Housing Starts (Oct)	CA	Med	—	250 K
2026-11-18	New Housing Price Index MoM (Oct)	CA	Med	—	-0.2%

When is the next BoC meeting?

The next Bank of Canada (BoC) policy decision is scheduled for Dec 9. Because Bank of Canada sets monetary policy for the CAD, its rate decisions and forward guidance are among the most important scheduled catalysts for CAD exchange rates, and sell-side FX desks reposition their CAD forecasts around each meeting. FX Bank Forecast tracks how the major investment banks' CAD targets shift before and after BoC decisions, so you can see whether the consensus is moving with the policy path or diverging from it. Watching the cross-bank reaction to each meeting is often a more durable signal than any single house call.

What is the BoC's current policy stance?

Bank of Canada's current policy lean reads as hawkish, based on its most recent decisions and guidance. A more hawkish stance — biased toward higher-for-longer rates — tends to be supportive of the CAD, while a dovish, easing-biased stance tends to weigh on it, though the market reaction always depends on what was already priced in. What matters for CAD forecasting is less the stance in isolation than how it compares with what investment banks expected and how it shifts the projected rate path. FX Bank Forecast aggregates how 38 major banks read the BoC path and translates it into where the CAD consensus and its dispersion sit.

How does the BoC affect the CAD?

Monetary-policy expectations are one of the dominant drivers of currency moves, so Bank of Canada's decisions — and, just as importantly, how they compare with other central banks — feed directly into where strategists set their CAD targets. Relative policy paths (the BoC versus the Fed and other majors), the pace of cuts or hikes, and the tone of guidance are the channels through which BoC actions transmit into the CAD. FX Bank Forecast compares the published CAD forecasts of 38 major investment banks side by side and shows how that consensus — and the spread of views around it — shifts as the BoC outlook evolves.

See the CAD bank consensus and how it shifts around BoC decisions

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Bank of Canada

Meeting Schedule (2026)

Policy-rate trajectory

Upcoming Macro Calendar — Canada

Bank Consensus on CAD

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BoC & the CAD: common questions

When is the next BoC meeting?

What is the BoC's current policy stance?

How does the BoC affect the CAD?