The Bank of Canada unexpectedly raised its benchmark interest rate by 100bps toĀ 2.50Ā %Ā while the markets expected 75bpsĀ increase.Ā Ā "Governing Council continues to judge that interest rates will need to rise further, and the pace of increases will be guided by the Bankās ongoing assessment of the economy and inflation"
Investors will focus now on BoCĀ Governor comments at the press conference regarding the economic outlook, inflation and fiscal policy.
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USDCAD broke belowĀ 1.3000 after BoC decision . Source:xStation5Ā Ā
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