USD/CAD: Canadian Overnight Rate

The US Dollar appreciated against the Canadian Dollar, following the Canadian Overnight Rate data release on Wednesday at 14:00 GMT. The USD/CAD exchange currency rate gained 73 pips or 0.54% right after the release. US Dollar continued trading at the 1.3510 level against the Canadian Dollar.

The Bank of Canada released the Canadian Overnight Rate data that came out in line with expectations of 1.75%, meaning that the Bank did not change its interest rate.

According to the Bank's press release: "Given all of these developments, Governing Council judges that an accommodative policy interest rate continues to be warranted. We will continue to evaluate the appropriate degree of monetary policy accommodation as new data arrive. In particular, we are monitoring developments in household spending, oil markets, and global trade policy to gauge the extent to which the factors weighing on growth and the inflation outlook are dissipating."