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Bank of Canada lowers OCR rate by 0.25% to 4.75%- USD/CAD lifts above 1.3700
As expected by the markets (22 out of 29 leading analysts), the Bank of Canada has just decided to lower its OCR (Official Cash Rate) by 0.25%, to 4.75%, effectively immediately. The USD/CAD was trading at around 1.3675 head of this, within a wider range on the day, covered by 1.3665 and 1.3690. The reaction to the news has seen the USD/CAD spike above 1.3700. The statement from the BOC has been pretty dovish too, adding that is is reasonable to expect more rate cuts to come.
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