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The US Dollar appreciated 34 pips or 0,26% against the Canadian Dollar, following the Canadian Overnight Rate publication on Wednesday at 14:00 GMT. The rate continued to surge upwards after the data release.
The Bank of Canada decided to keep the interest rate at 1.5 percent to achieve their monetary policy targets. There might be a chance of another rate hike, which could arrive as early as next month.
The Bank of Canada noted: "Recent data reinforce governing council's assessment that higher interest rates will be warranted to achieve the inflation target. We will continue to take a gradual approach, guided by incoming data. In particular, the bank continues to gauge the economy's reaction to higher interest rates."
| Historical Data Table: Overnight Rate | Economic Calendar for 06.09.2018 | ||||||||
| Date | 07.03.2018 | 18.04.2018 | 30.05.2018 | 11.07.2018 | 05.09.2018 | 14:00 PM | US ISM Non-Manufacturing PMI | ||
| Actual | 1.25% | 1.25% | 1.25% | 1.50% | 1.50% | 15:00 PM | US Crude Oil Inventories | ||
| Forecast | 1.25% | 1.25% | 1.25% | 1.50% | 1.50% | 18:30 PM | CAD Gov Council Member Wilkins Speaks | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.94569 | 0.94625 | 0.06% | AUD/CAD | 70.21% | 29.79% | |||
| CAD/CHF | 0.73843 | 0.73834 | -0.01% | CAD/CHF | 70.79% | 29.21% | |||
| EUR/CAD | 1.53071 | 1.53033 | -0.02% | EUR/CAD | 26.43% | 73.57% | |||
| USD/CAD | 1.31631 | 1.31655 | 0.02% | USD/CAD | 54.60% | 45.40% | |||