USD/CAD has pulled back about two tenths of a percentage point on Wednesday, following the Bank of Canada’s (BoC) decision to leave its key overnight interest rate unchanged at 5.0%, in line with analysts’ expectations.
USD/CAD pulls back after the BoC strikes a dovish tone in its policy statement. BoC sees signs of inflation easing accompanied by higher growth. USD/CAD continues broadly rising within a strict ascending channel. USD/CAD has pulled back about two tenths of a percentage point on Wednesday, following the Bank of Canada’s decision to leave its key overnight interest rate unchanged at 5.0%, in line with analysts’ expectations. The pair is trading in the 1.
The Bank added that “The Council will be looking for evidence that this downward momentum is sustained.” In particular it would be paying close attention to, “the evolution of core inflation.. the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behavior,” the statement added. Higher growth from population increase The BoC expects higher growth in Canada compared to its January forecasts. “Overall, the Bank forecasts GDP growth of 1.
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