Bank of Canada Governor Stephen Poloz repeated that the bank stands ready to augment the scale of any of its programs should market conditions warrant it. This follows the BoC maintaining its target for the overnight rate at ¼ percent at yesterday’s meeting, which the Bank considers its effective lower bound. Key notes BoC’s Poloz says substantial monetary stimulus needs to be in place to lay the foundation for post-containment economic recovery. BoC’s Poloz says combination of aggressive fiscal action by governments and monetary stimulus by bank will create the best possible foundation for the recovery period. Meanwhile, yesterday, the Bank also announced new measures to provide additional support to Canada’s financial system. The Bank of Canada press release In the lead paragraphs of yesterday’s press release, the BoC wrote, “the necessary efforts to contain the COVID-19 pandemic have caused a sudden and deep contraction in economic activity and employment worldwide. In financial markets, this has driven a flight to safety and a sharp repricing of a wide range of assets. It has also pushed down prices for commodities, especially oil. In this environment, the Canadian dollar has depreciated since January, although by less than many other currencies. The sudden halt in global activity will be followed by regional recoveries at different times, depending on the duration and severity of the outbreak in each region.” Read more here USD/CAD Price Analysis: Seems poised to build on the overnight strong move up FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum Price Analysis: ETH/USD is hovering below a major resistance zone FX Street 2 years Bank of Canada Governor Stephen Poloz repeated that the bank stands ready to augment the scale of any of its programs should market conditions warrant it. This follows the BoC maintaining its target for the overnight rate at ¼ percent at yesterday's meeting, which the Bank considers its effective lower bound. Key notes BoC's Poloz says substantial monetary stimulus needs to be in place to lay the foundation for post-containment economic recovery. BoC's Poloz says combination of aggressive fiscal action by governments and monetary stimulus by bank will create the best possible foundation for the recovery period. Meanwhile, yesterday, the Bank also… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.