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USD/CAD falls below 1.3550 as Bank of Canada delivers hawkish hold

The Bank of Canada (BOC) has done as was entirely expected and left its current OCR (Official Cash Rate) on hold at 5%. That was pretty much baked into the cake and ahead of this outcome the USD/CAD had been falling back. However, that drop was not just about Canadian dollar strength, because the US dollar was losing ground across the board this afternoon. The USD/CAD had dropped to a session low at 1.3556. The news and commentary from the BOC stated it is still too early to consider cutting rates. This is a hawkish hold from the BOC today. Hence, the USD/CAD has now fallen below 1.3550 on this remarks. It is just now at 1.3540

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