The BoC leaves its Overnight Rate unchanged at 0.25% as expected, rate of QE unchanged as expected; forward guidance unchanged as expected
- The Bank continues to expect the economy to strengthen in the second half of 2021, although the fourth wave of COVID-19 infections and ongoing supply bottlenecks could weigh on the recovery.
- Reiterates "The Governing Council judges that the Canadian economy still has considerable excess capacity"
- "We will continue to provide the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation objective."
- "In Canada, GDP contracted by about 1 percent in the second quarter, weaker than anticipated in the Bank’s July Monetary Policy Report (MPR)."
CAD is going in red worst performance from all currencies with -0.29% today