CAD Softens on Falling Oil Prices; Markets Await Tomorrow’s BoC Rate Decision

• Markets are eagerly awaiting tomorrow’s Bank of Canada rate decision
• Though the market has almost fully priced in an increase, there is still debate as to whether this will in fact be the case
• The Bank of Canada’s rate statement will be also scrutinized for wording around future rate hikes
• Oil prices pulled back today ahead of US stockpile data
• USD is stronger this morning prior to tomorrow’s testimony by Yellen before the Senate Banking Committee