USD/CAD: BOC Rate Statement

The US Dollar appreciated against the Canadian Dollar, following the BOC Rate Statement release on Wednesday at 14:00 GMT. The USD/CAD exchange currency rate gained 42 pips or 0.32% right after the release. The Greenback continued trading at the 1.3160 level against the Greenback.

The Bank of Canada released the Canadian Overnight Rate data, which came out in line with the expectations of 1.75%.

According to the official release: " Governing Council judges it appropriate to maintain the current level of the overnight rate target. Governing Council is mindful that the resilience of Canada's economy will be increasingly tested as trade conflicts and uncertainty persist. In considering the appropriate path for monetary policy, the Bank will be monitoring the extent to which the global slowdown spreads beyond manufacturing and investment. In this context, it will pay close attention to the sources of resilience in the Canadian economy – notably consumer spending and housing activity – as well as to fiscal policy developments."