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Bank of Canada hikes less than expected

Note: This section contains information in English only.
Source: Dukascopy Bank SA


At 14:00 GMT, the Bank of Canada announced its latest Overnight Rate hike. The central bank increased its base interest rate by 0.50% instead of the market expected 0.75%.

The event resulted in an immediate drop of the value of the Canadian Dollar, as the markets had priced in a 0.75% hike. The USD/CAD currency pair reacted to the news with a 70 base point or 0.52% surge.
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