Bank of Canada Holds Rates Flat - USD/CAD Bounces
2021-06-09 14:17:00
James Stanley,
Senior Strategist
Bank of Canada, USD/CAD Talking Points:
The Bank of Canada held rates flat at this morning’s rate decision, while keeping QE purchases to C$3 Billion/month.
USD/CAD put in a mild bounce on the back of the statement.
The focus now begins to shift to the FOMC, set for next Wednesday.
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This morning brought a Bank of Canada rate decision and after the BoC’s outing in April, there was a lot of attention as to whether the bank would continue to pare back pandemic policy. That did not happen this morning, as the BoC held rates flat at .25% while also continuing QE at a C$3 Billion per week.
It was a quick shock of volatility in the US Dollar in the lead-up to NFP, with strength quickly dissipating after the release. But, focus now shifts to the Fed.