USD/CAD: Canadian Overnight Rate

Source: Dukascopy Bank SA

The US Dollar depreciated against the Canadian Dollar, following the Canadian Overnight Rate announcement on Wednesday at 15:00 GMT. The USD/CAD exchange currency rate gained 63 pips or 0.47% during a minute, right after the release. The US Dollar continued trading at the 1.3420 area against the Canadian Dollar. 

The Bank of Canada released the Canadian Overnight Rate  that came out in line with expectations of 1.75%. Meaning that the bank did not change their interest rate.

"Recent data suggest that the slowdown in the global economy has been more pronounced and widespread than the Bank had forecast in its January Monetary Policy Report," the BOC said on its website.

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Historical Data Table: Overnight Rate  Economic Calendar for 08.03.2019
           
Date 05.09.2018 24.10.2018 05.11.2018 09.01.2019 06.03.2019 Tentative CNY Trade Balance
Actual 1.50% 1.75% 1.75% 1.75% 1.75% 13:30 PM CAD Employment Change
Forecast 1.50% 1.75% 1.75% 1.75% 1.75% 15:30PM US Non-Farm Employment Change
           
Initial Reaction on Main Pairs Open Position Proportions on 07.03.2019
           
  Open Price Close Price % Change   Longs Shorts
AUD/CAD 0.94109 0.94349 0.26% AUD/CAD 74.99% 25.01%
CAD/CHF 0.74742 0.74751 0.01% CAD/CHF 73.29% 26.71%
EUR/CAD 1.51878 1.51861 -0.01% EUR/CAD 49.01% 50.99%
USD/CAD 1.34247 1.34238 -0.01% USD/CAD 33.06% 66.94%

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