06:54 AM EST, 01/24/2025 (MT Newswires) -- UBS said it expected the Bank of Canada to rates cut by 25bps next week, in line with market expectations.

Canada's central bank is slated to publish its policy statement on Wednesday, at 9:45 a.m. ET.

The BoC is likely to be closer to the end of its cycle than the European Central Bank, pointed out UBS. However, both central banks are likely to signal that more must be done.

This puts the Canadian dollar (CAD or loonie) and the euro in an even weaker position, wrote the bank in a note to clients.