BOC Holds Rates

USDCAD spiked higher following the BoC policy announcement, where rates were left unchanged, as expected. The pairing rallied from 1.2610 to highs so far of 1.2747. The bank’s statement said the council remains cautious, and guided by incoming data, and that the outlook remains subject to “considerable” geopolitical and trade policy uncertainty. That said, the statement said higher rates will be required over time.



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