Canadian dollar rises on the BOC

The Bank of Canada left interest rates unchanged but USD/CAD is far from unchanged, falling to new lows.

Dollar/CAD is trading just around 1.3480, falling from resistance at 1.3540.

Were markets expecting a big dose of dovishness?

The BOC states that its three measures of core inflation remain below 2%. This was also evident in last week’s data. However, they see it as broadly in line with their projection.

On the brighter side they note that recent economic data has been positive, noting the improving labor markets, the subsequent enhanced consumer spending, and also a rise in business investment.

— more coming

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