Hawkish statement from the BoC have been offset by the US ISM Non-manufacturing PMI data, causing a stall in the decline on the USDCAD.
The USDCAD was able to touch below the 1.3500 price level for the first time since March 2020. The Loonie has had a lot going for it lately. The bounce in crude oil price from near-zero levels after the OPEC + production cuts of April has pushed the oil-linked currency [...]
The USDCAD extended its surge on Wednesday after the Bank of Canada (BoC) held rates at 0.25% as expected, following a series of emergency cuts in March 2020. The Canadian Dollar has been under pressure for several weeks following the drop in crude oil price as well as last week’s [...]
USDCAD is starting to stage a recovery from intraday lows of 1.39888, as easing crude oil prices helped weaken the Canadian Dollar’s advance on the greenback. Furthermore, Friday’s surprise 50 bps rate cut by the Bank of Canada (BoC) to 0.25% further helped to weaken the Loonie on the day. [...]
The EURCAD is off its multi-month highs this Tuesday as the Bank of Canada (BoC) has just released a statement this Tuesday reiterating its readiness to reduce its policy rate further, as well as use other tools at its disposal to stimulate growth and bring inflation within its set targets. [...]
The USDCAD is trading higher after the Bank of Canada (BoC) cut interest rates by 50pbs this afternoon, citing weakening economic conditions due to the coronavirus outbreak. The interest rate now stands at 1.25%. Excerpts from the BoC's rate statement are provided below. "While Canada's economy has been operating close [...]