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The Canadian Dollar marked a solid depreciation against the US Dollar, as the country's Central Bank announced its interest rate decision. The USD/CAD currency pair added almost 100 base points in total, trying to offset the losses made during the last week.
The Bank of Canada kept ist cautious mode over the next rate increase, even in the presence of the first signs of healthy recovery. The Bank's polycimakers led by the Governor Stephen Poloz left the key interest rates unchanged at 1% on Wednesday, in line with expectations. The BoC is set to remain dovish, evaluating the economy's sensitivity to higher interest rates, assesing the economic capacity and the growth trends of both wages and inflation.
| Historical Data Table: BoC Interest Rate Decision | Economic Calendar for 07.12.2017 | ||||||||
| Date | 24.05.2017 | 12.07.2017 | 06.09.2017 | 25.10.2017 | 06.12.2017 | 1:30 PM | Canadian Building Permits | ||
| Actual | 0.50% | 0.75% | 1.00% | 1.00% | 1.00% | 3:00 PM | Ivey PMI | ||
| Forecast | 0.50% | 0.75% | 0.75% | 1.00% | 1.00% | 4:00 PM | ECB President Draghi Speech | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.95862 | 0.96552 | 0.72% | AUD/CAD | 74.33% | 25.67% | |||
| CAD/CHF | 0.78196 | 0.77571 | -0.80% | CAD/CHF | 60.30% | 39.70% | |||
| EUR/CAD | 1.49326 | 1.5055 | 0.82% | EUR/CAD | 26.70% | 73.30% | |||
| USD/CAD | 1.26656 | 1.27638 | 0.78% | USD/CAD | 49.73% | 50.27% | |||