Loonie strengthens during BoC conference

USDCAD currency pair is experiencing increased volatility today and returns to gains after a temporary sell-off. During the conference, BoC Governor Macklema said:

Canada needs higher interest rates, the economy can handle them
The central bank can react strongly if the need arises
The bank may apply interest rates above the neutral rate to stifle inflation
Interest rates will rise to the range of 2-3%, but it cannot be ruled out that when approaching this level, further increases will be stopped if inflationary pressure decreases

A bit more hawkish remarks compared to the opening statement. We have a declaration that rates may rise even above 3% if inflationary pressure persists. As a result, USDCAD drops below the key resistance at 1.2650. Crude oil also resumed upward move after the mixed DOE report, which is an additional supporting factor for Loonie.

Source: xStation5

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