USD/CAD: Canadian Overnight Rate

The US Dollar depreciated against the Canadian Dollar, following the BOC Rate Statement release on Wednesday at 15:00 GMT. The USD/CAD exchange currency rate lost 40 pips or 0.30% right after the release. The Greenback continued trading at the 1.3235 level against the Canadian Dollar.

The Bank of Canada released the Canadian Overnight Rate data, which came out in line with the expectations of 1.75%. Note that the US ISM Non-Manufacturing PMI survey results were released at the same time.

According to the official release: "The Bank's October projection for global economic growth appears to be intact. There is nascent evidence that the global economy is stabilizing, with growth still expected to edge higher over the next couple of years. Financial markets have been supported by central bank actions and waning recession concerns, while being buffeted by news on the trade front. Indeed, ongoing trade conflicts and related uncertainty are still weighing on global economic activity, and remain the biggest source of risk to the outlook. In this context, commodity prices and the Canadian dollar have remained relatively stable."