# Bank of Canada maintains overnight rate target and unveils new market operations - Bank of Canada

> The Bank of Canada kept its overnight rate target at 0.25 percent, the effective lower bound, and announced new measures to support the financial system. It described a sudden, deep contraction in activity and employment caused by COVID-19 and noted that lower oil prices and a weaker Canadian dollar have added pressure.

- Date: 2020-04-15 · published 2020-04-15T12:00:00.000Z
- Category: macro · region Canada · magnitude medium
- Page: https://feedsoft.ai/events/53864-bank-of-canada-maintains-overnight-rate-target-and-unveils-new-market
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Near-zero rates and a weaker loonie can lift the cost of imported feed inputs for Canadian buyers, while weak oil prices reduce energy-linked demand across commodities.

## Read by commodity

- WTI: bearish ▼
- USDCAD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-01-09 | [Bank of Canada maintains overnight rate target at 1 ¾ per cent - Bank of Canada](https://feedsoft.ai/events/61325-bank-of-canada-maintains-overnight-rate-target-at-1-3-4-per-cent-bank-of-canada.md) | +4.5% | +8.1% |
| WTI | 2018-12-05 | [Bank of Canada maintains overnight rate target at 1 ¾ per cent - Bank of Canada](https://feedsoft.ai/events/61780-bank-of-canada-maintains-overnight-rate-target-at-1-3-4-per-cent-bank-of-canada.md) | -3.0% | -11.7% |
| WTI | 2018-10-23 | [As Expected the Bank of Canada Raises it’s Benchmark Overnight Rate. - OFX (HK)](https://feedsoft.ai/events/62787-as-expected-the-bank-of-canada-raises-it-s-benchmark-overnight-rate-ofx-hk.md) | -3.2% | -17.6% |
| WTI | 2017-01-18 | [C$ pares recent gains ahead of Bank of Canada rate decision](https://feedsoft.ai/events/73219-c-pares-recent-gains-ahead-of-bank-of-canada-rate-decision.md) | +0.4% | +1.4% |
| WTI | 2022-12-07 | [Canadian dollar holds near one-month low as Bank of Canada rate hike boost fades - The Globe and Mail](https://feedsoft.ai/events/38459-canadian-dollar-holds-near-one-month-low-as-bank-of-canada-rate-hike-boost.md) | +0.5% | -0.8% |

## Sources

- bankofcanada.ca: https://www.bankofcanada.ca/2020/04/fad-press-release-2020-04-15/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.