The US Dollar appreciated against the Canadian Dollar, following the BOC Rate Statement release on Wednesday at 15:00 GMT. The USD/CAD exchange currency rate gained 65 pips or 0.49% after the release. The Greenback continued trading at the 1.3410 level against the Canadian Dollar after the release.
The Bank of Canada released the Canadian Overnight Rate data, which came out in line with the expectations of 1.25%. Note that the US ISM Non-Manufacturing PMI was released at the same time.
According to the official release: "The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. While Canada's economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks, and monetary and fiscal authorities are responding."
| Date | 04.09.19 | 30.10.19 | 04.12.19 | 22.01.20 | 04.03.20 |
|---|---|---|---|---|---|
| Actual | 1.75% | 1.75% | 1.75% | 1.75% | 1.25% |
| Forecast | 1.75% | 1.75% | 1.75% | 1.75% | 1.25% |
| Pair | Open | Close | Change |
|---|---|---|---|
| AUD/CAD | 0.88226 | 0.88409 | 0.21% |
| CAD/CHF | 0.71748 | 0.71617 | -0.18% |
| EUR/CAD | 1.48263 | 1.48428 | 0.11% |
| USD/CAD | 1.33353 | 1.33689 | 0.25% |
| Pair | Longs | Shorts |
|---|---|---|
| AUD/CAD | 73.3% | 26.7% |
| CAD/CHF | 72.3% | 27.7% |
| EUR/CAD | 33.1% | 66.9% |
| USD/CAD | 26.4% | 73.6% |
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