BOC stands for the Bank of Canada, which is Canada’s central bank. The Bank of Canada is responsible for implementing monetary policy in Canada, with the goal of maintaining price stability and promoting economic growth.
As part of its mandate, the Bank of Canada sets the country’s interest rates, including the key overnight rate, which is used as a benchmark for other interest rates in the economy. Changes in interest rates can have a significant impact on the value of the Canadian dollar in forex markets, as higher interest rates can attract foreign investment and lead to a stronger currency.
In addition to its role in monetary policy, the Bank of Canada also provides a range of banking services to the Canadian government and other financial institutions. It also conducts research and analysis on economic and financial issues, and works with other central banks and international organizations to promote financial stability and cooperation.