USDCAD fell from near 1.2410 to 1.2309 following the BoC announcement, where rates were left unchanged, as expected, and the Bank’s QE program was ended. The BoC moved its time frame for rate lift off to the middle two quarters of 2022, a bit earlier than previously expected. All together, a hawkish statement, which along with a morning rebound in oil prices, should continue to support the CAD.
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Andria Pichidi
Market Analyst
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