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USDCAD Stalls At Resistance Following BOC
The Canadian Dollar has been a little firmer on the back of the September BOC meeting yesterday. The bank held rates unchanged at 5%, as expected, though signalled that further tightening might still be warranted given the inflation backdrop. In its decision, the BOC acknowledged that the domestic economic outlook had softened, citing the easing of excess demand as a result of its monetary policy decisions. However, the BOC noted that it was still concerned about the persistence of inflation at current levels and warned that it stood ready to tighten further if deemed necessary. Such an outcome and set of guidance ... (full story)