USD/CAD: Bank of Canada Hikes by 100 Basis Points

Bank of Canada, USDCAD – Talking Points

• Bank of Canada hikes by 1.00% as inflation remains elevated
• USDCAD spikes lower after larger-than-expected hike

The Bank of Canada elected to raise it’s benchmark interest rate by 1.00% as the central bank continues to battle rampant and historic inflation. This morning’s rate hike brings the key policy rate to 2.50%, with inflation data set to come out next week. In immediate trade, USDCAD spiked lower below 1.30. Governor Tiff Macklem is set to speak at 11 AM EST.

Stay tuned, more to follow…

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— Written by Brendan Fagan, Intern

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