The Canadian dollar is strengthening with USD/CAD battling the 1.12 level once again. The Bank of Canada is finally acknowledged the rise in inflation and called it “balanced”. It previously saw inflation as related to temporary factors.
In the background of the rate decision, there is a shooting event in Ottawa. It began in the War Memorial and triggered a lock down in the area, close to the parliament and the Bank of Canada. The BOC did release the prepared statement that governor Poloz was about to read out, but did cancel the planned press conference.
The pair rose earlier on worse than expected retail sales. All in all, we have 100 pips movements: up and then down.
This is how all the action looks on the Dollar/CAD chart:
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