USD/CAD: Canadian Rate Statement

The US Dollar depreciated against the Canadian Dollar, following the Canadian Rate Statement data release on Wednesday at 14:00 GMT. The USD/CAD exchange currency rate lost 53 pips or 0.40% right after the release. The Greenback continued trading at the 1.3285 level against the Canadian Dollar.

Bank of Canada released the Canadian Overnight Rate data, which came out in line with the expectations of 1.75%.

According to the official release: "Canada's economy is operating close to potential and inflation is on target. However, escalating trade conflicts and related uncertainty are taking a toll on the global and Canadian economies. In this context, the current degree of monetary policy stimulus remains appropriate. As the Bank works to update its projection in light of incoming data, Governing Council will pay particular attention to global developments and their impact on the outlook for Canadian growth and inflation."