Currency Analyst since 2010

Bank of Canada remained neutral

The Bank of Canada left the benchmark interest rate unchanged at 1% in line with expectations.

The main message was that the central bank “remains neutral with respect to the timing and direction of the next change to the policy rate, its timing will depend on how new information influences the outlook and assessment of risks.”

The BOC said that the increase in inflation was caused by temporary effects of higher energy prices. More important, though, is that the regulator sounded optimistic on US economic growth.

USD/CAD declined below 1.0900 as Canadian dollar strengthened.

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