The Canadian Dollar strengthened against the Greenback, following the Canadian Overnight Rate data release on Wednesday. The USD/CAD currency pair lost 85 pips, or 0.66%, to continue fluctuating in the 1.2864 area.
The Bank of Canada released Overnight Rate data that came out in line with the forecast of 1.25%, staying unchanged from the previous period.
“With sales yet to stabilize, it’s hard to imagine the bank to opt to tighten policy further and increase the downside risk to housing,” said BMO economist Benjamin Reitzes.
