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The Canadian dollar fell against the U.S. dollar on March 3 after the Federal Reserve cut rates by 50 basis points to 1.00% to 1.25%, citing coronavirus risks. Investors expected the Bank of Canada to match the cut at its policy decision.
The loonie was trading at 1.3371 per U.S. dollar.
Expected rate cuts in both countries narrow the yield advantage for holding the loonie and weigh on the currency. Coronavirus-driven demand concerns for commodity exporters add to the pressure.
theglobeandmail.comReutersMar 3, 2020Not enough comparable past events yet for a historical read.
After 359 past neutral macro events, US Dollar (Broad) moved a median -0.0% over 5 sessions (49% higher; middle half -0.4% to +0.4%), and -0.1% over 20.
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.
