Investing.com - The Bank of Canada left its benchmark interest rate unchanged for the 20th consecutive month in March and dampened expectations for a rate hike in the coming months.
In a statement released earlier, the central bank said it was leaving its overnight cash rate unchanged at 1.00%, in line with expectations.
The central bank said in an accompanying rate statement that, “With continued slack in the Canadian economy, the muted outlook for inflation, and the more constructive evolution of imbalances in the household sector, the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time.”
Following the release of the data, the Canadian dollar added to losses against its U.S. counterpart, with USD/CAD climbing 0.61% to trade at 1.0334.
In a statement released earlier, the central bank said it was leaving its overnight cash rate unchanged at 1.00%, in line with expectations.
The central bank said in an accompanying rate statement that, “With continued slack in the Canadian economy, the muted outlook for inflation, and the more constructive evolution of imbalances in the household sector, the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time.”
Following the release of the data, the Canadian dollar added to losses against its U.S. counterpart, with USD/CAD climbing 0.61% to trade at 1.0334.