USD/CAD spikes to 1-month highs after BoC decision

FXStreet (Córdoba) - The USD/CAD spiked to fresh 1-month highs after the Bank of Canada decided to leave the overnight rate unchanged at 1.0% but issued a quite dovish statement.

BoC said it is neutral with respect to the timing and direction of the next change to the policy rate and downplayed CPI rise as temporary

The USD/CAD jumped to 1.0793, its highest level since June 20, but failed to sustain gains and pulled back instead. At time of writing, the pair is trading at 1.0765, right where it was before the release.

Attention now turns toBoC Governor Poloz, who will hold a press conference at 15:15GMT.

Jul 16, 2014

Yellen: FOMC is committed to policies that promote price stability and full employment

US Federal Reserve chairman Janet Yellen continues to address the House Financial Services Committee

RECAP: Yellen defends current Fed policy

On Wednesday Fed head Janet Yellen repeated her prepared remarks presented on Tuesday before the US Senate Banking Committee, suggesting that the US economic recovery was not complete yet, despite recent improvements, therefore a "high degree" of accommodation remained appropriate.