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. The move was mostly caused by the simultaneously published Bank of Canada Rate Statement, which included comments on the monetary policy in Canada.
The Bank of Canada noted, "Inflation has been evolving as expected and the Bank's core measures are all tracking 2%, consistent with an economy that has been operating close to its capacity. CPI inflation, at 2.4 % in October, is just above target but is expected to ease in coming months by more than the Bank had previously forecast, due to lower gasoline prices. Downward historical revisions by Statistics Canada to GDP, together with recent macroeconomic developments, indicate there may be additional room for non-inflationary growth".
| Historical Data Table: Overnight Rate | Economic Calendar for 06.12.2018 | ||||||||
| Date | 30.05.2018 | 11.07.2018 | 05.09.2018 | 24.10.2018 | 05.11.2018 | 13:15 PM | US ADP Non-Farm Employment Change | ||
| Actual | 1.25% | 1.50% | 1.50% | 1.75% | 1.75% | 13:30 PM | CAD Trade Balance | ||
| Forecast | 1.25% | 1.50% | 1.50% | 1.75% | 1.75% | 16:00 PM | US Crude Oil Inventories | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.96594 | 0.9691 | 0.33% | AUD/CAD | 60.77% | 39.23% | |||
| CAD/CHF | 0.75216 | 0.75026 | -0.25% | CAD/CHF | 58.77% | 41.23% | |||
| EUR/CAD | 1.50436 | 1.50925 | 0.33% | EUR/CAD | 35.49% | 64.51% | |||
| USD/CAD | 1.3286 | 1.3334 | 0.36% | USD/CAD | 37.08% | 62.92% | |||