The US Dollar traded sideways against the Canadian Dollar, following the BOC Monetary Policy Report release on Wednesday at 14:00 GMT. There was a boost of volatility of 47 pips on the 5M time-frame chart. The USD/CAD exchange currency rate gained 5 pips or 0.04% after the release. The Greenback continued trading at the 1.4100 level against the Canadian Dollar after the release.
The Bank of Canada released the Canadian Overnight Rate data, which came out in line with the expectations of 0.25%.
According to the official release: "The necessary efforts to contain the COVID-19 pandemic have caused a sudden and deep contraction in economic activity and employment worldwide. In financial markets, this has driven a flight to safety and a sharp repricing of a wide range of assets. It has also pushed down prices for commodities, especially oil. In this environment, the Canadian dollar has depreciated since January, although by less than many other currencies. The sudden halt in global activity will be followed by regional recoveries at different times, depending on the duration and severity of the outbreak in each region. This means that the global economic recovery, when it comes, could be protracted and uneven."