Breaking: BoC leaves policy rate unchanged, lowers weekly QE purchases to C$3 billion

In a widely expected decision, the Bank of Canada (BoC) announced on Wednesday that it left its key rate unchanged at 0.25% following the April policy meeting. Additionally, the BoC noted that it is adjusting the weekly net purchases of the government of Canada bonds to a target of C$3 billion from C$4 billion.

Market reaction

With the initial market reaction, the USD/CAD pair lost more than 50 pips in a matter of minutes and was last seen losing 0.48% on a daily basis at 1.2547.

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