The Bank of Canada left its benchmark interest rate unchanged at the effective lower bound of 4.50 %, as widely expected and stated that it will continue to hold the rate steady at this level should economic conditions develop broadly in line with the latest Monetary Policy Report. No post-meeting press conference will be held.
Simultaneously JOLTS data was released. The number of job openings in the United States decreased to 10.824 million in January from 11.01 million in the previous month and above market expectations of 10.5 million. Over the month, the largest decreases in job openings were in construction (-240,000), accommodation and food services (-204,000), and finance and insurance (-100,000). The number of job openings increased in transportation, warehousing, and utilities (+94,000) and in nondurable goods manufacturing (+50,000). Meanwhile, the number of hires and total separations changed little at 6.4 million and 5.9 million, respectively. Within separations, quits (3.9 million) decreased, while layoffs and discharges (1.7 million) increased.
USDCAD returned to major resistance at 1.3770 level. Source: xStation5
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