The Bank of Canada upped its policy rate by 100 basis points to 2.5 percent on Wednesday, exceeding the 75 basis point increase forecast, and is continuing its quantitative tightening as it fights to contain inflation. “Inflation is higher albundand more persistent than the Bank anticipated in its April Monetary Policy Report and will most likely remain around 8% in the coming months,” according to the Central Bank.
The Canadian dollar is up 0.2 percent against the US dollar, trading at US$0.7694. However, Invesco CurrencyShares Canadian Dollar Trust (NYSEARCA:FXC) is barely changed at $75.15 as of ...
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Bank of Canada Increases key rate by full percentage point to 2.5%