The Bank of Canada raised its policy rate on Wednesday for the first time in more than three years and said further increases may be needed, according to a Reuters report on the day's central bank decisions. The move had been widely previewed, with pre-decision articles citing odds of a hike ranging from about 61% to near 80%.
What the market did
- The Canadian dollar traded at about 1.399 per US dollar in early Asian trade on Thursday.
- Oil, a major Canadian export, was lower on the day: WTI near 101.2 and Brent near 110.0, each down around 1.5% on news-site tickers.
The loonie's reaction looked muted against a Fed that held but kept December hike odds high. The relationship with oil is loose; see our guide on oil prices and the Canadian dollar.
Quotes are snapshots and may have moved. Market commentary only, not a trading recommendation.