BREAKING: Bank of Canada cuts interest rates by 50 bps; USDCAD ticks lower 🚨

BOC cuts interest rates by 50 bps in line with forecast. USDCAD pair drops heavily on the news.

The Canadian dollar strengthened to a new session high after the Bank of Canada cut by 50 bps. The bank signaled that further cuts aren’t guaranteed and that it will evaluate future cuts “one policy decision at a time.” 

Key BoC comments:

Macklem: Will Focus on Core CPI to Look Through Sales-Tax Holiday

Macklem: Rate Policy No Longer Needs to Be Restrictive

Macklem: Economy Is In Excess Supply, Growth Outlook Softer      

Macklem: Previous Rate Cuts Will Be Working Their Way Through Econ

Macklem: 4Q Growth Likely to Be Weaker Than BOC Forecast of 2%        

Macklem: Job Market Is Still Softening          

 Macklem: Officials to Adopt More 'Gradual' Approach to Rate Policy

Bank of Canada drops promise of further cuts if forecasts materialize, The press conference is scheduled for 3:30 pm GMT.

Source: xStation