BOC decided to leave overnight rate at 1.0% at today's meeting. GDP forecasts were revised slightly lower while CPI forecasts were just marginally bumped up. The bank expressed concern with regard to geopolitical developments, NAFTA and high levels of household debt, and said they will be cautious in making future adjustments to the rate.

The fact that such a scenario was widely anticipated didn't help the Canadian dollar. After a quick washout to 1.2635, USD/CAD jumped 100 pips, added 80 more in the following hours and stalled ahead of 2015 - 2017 S/R line (1.2825). Broken 38.2% retracement of the May - September downswing should now act as a support.

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