21 Jan 2015
CAD/JPY falls after BoC rate cut
FXStreet (Córdoba) - CAD/JPY fell sharply and hit fresh 3-month lows after the BoC unexpectedly cut the overnight rate to 0.75%, hitting the loonie across the board.
CAD/JPY dropped more than 200 pips and fell to its lowest level since Oct 22 at 95.43 after the announcement. At time of writing, the pair is trading at the 95.65 zone, recording a 2.48% loss on the day.
This was the first rate cut since April 2009 and the first rate adjustment in more than 4 years. In addition, the BoC also lowered GDP and inflation forecasts. Attention now turns to BoC Governor Poloz, who will hold a press conference at 16:15 GMT.
CAD/JPY dropped more than 200 pips and fell to its lowest level since Oct 22 at 95.43 after the announcement. At time of writing, the pair is trading at the 95.65 zone, recording a 2.48% loss on the day.
This was the first rate cut since April 2009 and the first rate adjustment in more than 4 years. In addition, the BoC also lowered GDP and inflation forecasts. Attention now turns to BoC Governor Poloz, who will hold a press conference at 16:15 GMT.