USD/CAD slumped as BOC raised rate

USD/CAD slumped as BOC raised rate

The meeting of the Bank of Canada turned out to be eventful. The central bank increased the overnight rate from 0.75% to 1.00%. Such move caught the market by surprise: the majority of market players had thought that the rate would remain unchanged.

The Bank of Canada pointed out that the recent economic figures exceeded forecasts. The regulator acknowledged widespread strength in business investment and exports, as well as robust consumer spending. A moderation in the pace of economic growth is expected in the second half of this year.

The BOC statement doesn’t exclude the possibility of another rate hike in the months ahead. It said that future monetary decisions are not predetermined.

USD/CAD fell from levels around 1.2400 to 1.2133, the lowest level since June 2015.

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