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Bank of Canada Holds Key Rate | WTI Tumbles to 7-Week Lows

Published January 23, 2020

• The Canadian dollar weakened and printed a fresh four week low at 1.3170 after the Bank of Canada’s dovish stance. Yesterday, the Bank of Canada kept the overnight interest rate unchanged at 1.75 percent and trimmed the 2020 economic forecast. During the press conference, BOC Governor Stephen Poloz said that the door for further easing is open in case the economic condition deteriorates further.


• On Thursday, WTI oil prices dropped to a seven-week low at $55.57 a barrel, extending yesterday’s slide amid concerns of depleting demand and a rise in supply. Markets will be closely eyeing the weekly crude inventory data which will be released by the Energy Information Administration (EIA), later in the session.


• This morning, the euro was trading below 1.1100 levels against the greenback as cautious markets awaited a policy decision by the European Central bank due later in the day. The ECB is set to leave rates unchanged and markets will look for signals about the formal launch of a broader strategic review commissioned by new ECB President Christine Lagarde, which could last until the end of the year.

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