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The Canadian dollar fell after the Bank of Canada raised rates by 25 basis points and signaled it would hold rates steady. The statement said the bank expects to hold the policy rate while it assesses the cumulative effect of past increases.
USD/CAD rose to 1.3407 from 1.3350 before the decision.
The signal of a policy pause reduces expectations of further Canadian rate increases, which weakens the currency. A pause elsewhere could also support global growth and commodity demand in 2024.
investinglive.comAdam ButtonJan 25, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
