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Bank of Canada raises benchmark rate to 2.5%- Choppy USD/CAD reaction
Earlier today we noted how the markets were expecting the Bank of Canada (BOC) to raise its benchmark lending rate by 0.25%, taking it from 2.25% to 2.50%. In that update we noted how the USD/CAD had been on the rise over the past couple of days and was trading around 1.4057 at the time of that earlier update. It then fell as low as 1.4026 subsequent to that, before bouncing back even higher.
Well, the BOC have just decided to do as expected and raise their OCR to 2.5%. The immediate reaction has delivered some choppy trading in the USD/CAD. It is a little lower on balance though, currently trading at 1.4050
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