Canadian Dollar depreciates on BOC Rate Statement

Note: This section contains information in English only.
Source: Dukascopy Bank SA


At mid-day on Wednesday, at 14:00 GMT, the value of the Canadian Dollar plummeted due to the release of the Bank of Canada Rate Statement. The USD/CAD exchange rate surged by 39 base points or 0.32%.

The official data release:
BOC Rate Statement

According to the official release, the Canadian policymakers voted to maintain the Overnight Rate unchanged at 0.25%. 

Also, according to the official release: "The Governing Council judges that there remains considerable excess capacity in the Canadian economy, and that the recovery continues to require extraordinary monetary policy support. We remain committed to holding the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. In the Bank's April projection, this happens sometime in the second half of 2022. The Bank is continuing its QE program to reinforce this commitment and keep interest rates low across the yield curve. Decisions regarding adjustments to the pace of net bond purchases will be guided by Governing Council's ongoing assessment of the strength and durability of the recovery. We will continue to provide the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation objective."

Back to articles

Actual Topics

Thu, 10 Jun 2021 14:34:29 GMT

EUR/USD ignores ECB Monetary Policy Statement

On Thursday, at 11:45 GMT, the European Central Bank issued its Monetary Policy Statement. However, the market didn't react: the EUR/USD exchange rate declined only by 9 base points or 0.07%. The official data release:ECB Monetary Policy Statement According to the official release, the European policymakers voted to maintain the Main Refinancing Rate unchanged at 0.00%.  Also, according to the official

Fri, 04 Jun 2021 14:42:56 GMT

USD/CAD reacts to employment data

At mid-day on Friday, at 12:30 GMT, the value of the US Dollar plummeted due to the release of the US monthly employment data. At the same time, the Canadian Dollar also lost value due to worse than expected employment numbers. The US data release consisted of three data sets, which each showed different results. The US Average Hourly Earnings increased

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
Chcete-li se dozvědět více o platformě Dukascopy Bank CFD / Forex, SWFX a dalších souvisejících obchodních informacích, prosím, zavolejte nám, nebo vám můžeme zavolat my.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.