Bank of Canada decision highlights the economic calendar

<p>Today's Bank of Canada decision isn't a completely foregone conclusion but it's highly likely they leave rates unchanged at 5.00% at 10 am ET. The market is pricing in an 81% chance of no move from Macklem but the odds rise into next year and creep up to 60% for the March meeting.</p><p>I think the market is way off on those expectations and for the just 16 bps in cuts priced in next year. </p><p>That said, it's way too soon for the BOC to signal a dovish stance.</p><p>Other data on the agenda today includes US new home sales for September and a 5-year Treasury auction.</p>

This article was written by Adam Button at www.forexlive.com.