logo |

News

    Home   >     Industry    >     Main body

    USD/CAD Gyrates on BoC Rate Decision

    Abstract:The Canadian Dollar gyrated as the Bank of Canada held its benchmark rate at 0.25% as the central bank continues its supportive stance following the COVID pandemic.

      Bank of Canada, USD/CAD, Economy Talking Points

    •   The Bank of Canada holds interest rate at 0.25%, as expected

    •   USD/CAD shifts modestly lower following rate decision

    •   Recent volatility in energy prices inflicted Canadian Dollar weakness last week

      As expected, the Bank of Canada held its interest rate at 0.25% Wednesday morning as the central bank continues to accommodate a supportive monetary policy following the COVID pandemic. The move is no surprise given recent comments from policy makers that pledged to keep interest rates low for a significant period of time. Still, USD/CAD moved modestly lower on the news as the Canadian Dollar strengthened.

      USD/CAD Price Chart (1-Min Time Frame)

    USDCAD

      Chart created by Thomas Westwater with TradingView

      The Bank of Canadas policy stance has helped insulate the economic impacts of the COVID pandemic along with support from fiscal actions. Job growth has bounced back and the economy added nearly 250k jobs in August. The lift in the labor market has been strong, but the BOC statement shows concern with it being an uneven rebound.

      Starts in:

      Live now:

      Sep 15

      ( 16:09 GMT )

      Join Day 1 of the DailyFX Summit discussing commodities

      DailyFX Education Summit: Trade Your Market - Day 1, Commodities

      Register for webinar

      Join now

      Webinar has ended

      The BOC also reiterated that the path of the economy remains dependent on the path of the virus. While social distancing measures have been effective, a possible resurgence of cases threatens to hamper economic activity. Household spending was a noted strongpoint in the BOC press release as goods consumption strength surprised. The bank also reaffirmed its commitment to continue large-scale asset purchases to keep rates suppressed across the yield curve.

      **Breaking News – check back for updates

    Latest News

    United Arab Emirates Dirham

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    United Arab Emirates Dirham
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click "Complaints "and "Correction" to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.