Central bank · CADUsual scheduleLive week from the calendar

BoC rate decision: release time and what it moves

Bank of Canada. Usually a Wednesday, usually at 9:45 AM New York time. What it is, what traders watch and how the WhitePips rules treat trading around it.

  • Eight scheduled announcement dates a yearhow often
  • 9:45 AMNew York time
  • Redusual calendar rating

BoC on this week's calendar

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Times in your own time zone and in New York; releases already out are dimmed. Red is high impact, Amber medium; the ratings are the calendar feed's.

Central bankCAD

What BoC is

BoC rate decision

The Bank of Canada sets the target for the overnight rate, Canada's policy rate, on eight fixed dates a year. Four of them (usually January, April, July and October) come with the Monetary Policy Report and new forecasts.

Canada's economy is tied closely to the US and to oil, so the Canadian dollar reacts to the decision and to the Bank's view of both.

When it comes out

Published by
Bank of Canada, Governing Council
How often
Eight scheduled announcement dates a year
Usual day
Usually a Wednesday
Usual time
9:45 AM New York; 13:45 UTC in summer, 14:45 UTC in winter (Ottawa keeps New York's time); the press conference follows at 10:30 AM
On the calendar as
Overnight Rate, BOC Rate Statement, BOC Monetary Policy Report, BOC Press Conference
Usual rating
Red

What traders watch

The decision

Against what the market priced.

The rate statement

The Bank's read on inflation and the next step.

The Monetary Policy Report

On report months, the new forecasts.

On MetaTrader 5Pip value, lots and commission

Symbols BoC moves

The WhitePips symbols that usually react most to BoC. Each page has the pip or point value, a lot-size example and the commission on every plan.

USDCADUS dollar / Canadian dollarCADJPYCanadian dollar / Japanese yenEURCADEuro / Canadian dollarAUDCADAustralian dollar / Canadian dollarGBPCADBritish pound / Canadian dollar
Trading Rules, section 11In the rules' own words

Trading BoC at WhitePips

CFD plans Every plan, every stage

News trading is permitted on every CFD plan. You may open, hold and close positions before, during and after economic releases on every CFD plan, in the evaluation and once funded. There is no restricted window around a release on a CFD account, and no profit is removed because a trade was placed around news.

News straddling is not permitted. On every CFD plan, you may not open straddled, offsetting or hedged exposure on the same or correlated instruments within 15 minutes before or after a scheduled Red or Amber (high or medium impact) economic event, a company earnings release, or a major geopolitical announcement, where the purpose is to capture the volatility of the event rather than to take a view on its outcome. Placing a buy and a sell (or a buy stop and a sell stop) on the same instrument, or opposite positions on correlated instruments such as EURUSD and USDCHF, so that whichever way the price jumps one side profits, is straddling. A single position, or positions in one direction, taken on your own view of the release is not.

Trading Rules, sections 11.1 and 11.2. Each straddle is detected and referred to the risk desk, never penalised automatically.

Futures plans One Step funded, Instant

Futures plans. On the futures plans news trading is permitted during the One Step evaluation. On a funded futures account (One Step funded and Instant) no trade may be opened or closed from two minutes before to two minutes after a high-impact release; a position opened before the window may be held through it. Profit from such a trade is removed and the loss stays. The first and second violations are warnings, and the third is referred for compliance review. A news trading violation never ends an account automatically. The releases are those marked as high impact in the economic calendar shown in the dashboard or notified to you.

Trading Rules, section 11.4.

CFD plans: no straddling9:30 AM to 10:00 AM New YorkFunded futures: no trade opened or closed9:43 AM to 9:47 AMBoC 9:45 AM
−20 min−15−2+2+15+20 min
A single position taken on your own view, before or after the release, is fine on every CFD plan. On a funded futures account a position opened before the two-minute window may be held through it.

Section 11 of the Trading Rules News trading, explained

QuestionsShort answers

BoC: questions

What time is BoC released?

Usually at 9:45 AM New York time: 13:45 UTC in summer, 14:45 UTC in winter (Ottawa keeps New York's time); the press conference follows at 10:30 AM. Usually a Wednesday.

How often is BoC released?

Eight scheduled announcement dates a year. Usually a Wednesday. The exact dates are set by the Bank of Canada; the dashboard's economic calendar shows the coming week.

Can I trade BoC on a WhitePips account?

On every CFD plan, yes: news trading is allowed in the evaluation and once funded. What is not allowed is straddling, opening both directions (or offsetting positions on correlated instruments) within 15 minutes either side of a Red or Amber release to catch the spike; the risk desk reviews it. On a funded futures account, no trade may be opened or closed from two minutes before to two minutes after a high-impact release.

Which markets move most on BoC?

On the WhitePips platforms: USDCAD, CADJPY, EURCAD, AUDCAD, GBPCAD.

Which symbols does the Bank of Canada move?

The Canadian dollar pairs above all: USDCAD, CADJPY, EURCAD, AUDCAD and GBPCAD. Oil moves the Canadian dollar too, but the decision itself rarely moves oil.

CFDs and futuresNo time limit

Put the numbers to work

Every plan, size and price, with the rules printed before you buy. News trading is allowed on every CFD plan.

See the plansTrading calculator