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USD/CAD backs off slightly after Bank of Canada leaves policy rate on hold at 5%

The Bank of Canada (BOC) has just announced the outcome of its monetary policy decision. As expected the BOC have left their OCR (Official Cash Rate) unchanged at 5%. At the same time they have issued a slightly hawkish commentary with this decision, but the BOC have also noted that the economy is slowing although immediate price pressure have not yet receded to a point where the Bank is comfortable about reducing interest rates. Their outlook does appear more balanced now though. Ahead of this, the USD/CAD had risen to a new 2024 high at 1.3678. It has backed off a bit now though and it is currently trading at 1.3665

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