The Bank of Canada met expectations and raised rates from 0.50% to 0.75%. In the accompanying statement, the Ottawa based institution says that the current softer inflation is mostly due to temporary factors. This is a hawkish tone implying more hikes. In addition, they suggest more hikes are under way. USD/CAD is falling to a new low of 1.2874. The C$ is strong. Support awaits at 1.2830, followed by 1.2750. Resistance looks far at 1.30. Update: The downtrend continues, with the new low already 1.2818. More: USD/CAD already below 1.28 on the BOC hike Forecasts upgraded for Canada Governor Stephen Poloz and his colleagues see the output gap closing earlier than before: the end of 2017 against the first half of 2018 in the previous BOC release. The upgrade of this assessment is due to the recent data. For example, jobs are rising quickly.The Canadian economy has already absorbed the fall in oil prices. The BOC sees the economy as robust and highlights household spending. The updated forecasts see Q2 growth at 3%, 2% in Q3 and the whole of 2017 is now seen at 2.8% against 2.6% previously. What’s next? The BOC, like the FED, is data-dependent. However, they do mention “future adjustments. BOC Background The majority of analysts expected the Bank of Canada to raise rates from 0.50% to 0.75%, but this was not 100% certain. Some expected no hike today but a heavy hint for a hike in October. USD/CAD traded around 1.2920 ahead of the release. Previews: BOC: To hike or not to hike? Ahead of the BOC – what’s next for the C$? CAD: Premature For BoC To Tighten In July; Fade ‘Market Excitement’ Into The Meeting – Barclays Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next USD/CAD at 13-month low on the BOC hike Yohay Elam 6 years The Bank of Canada met expectations and raised rates from 0.50% to 0.75%. In the accompanying statement, the Ottawa based institution says that the current softer inflation is mostly due to temporary factors. This is a hawkish tone implying more hikes. In addition, they suggest more hikes are under way. USD/CAD is falling to a new low of 1.2874. The C$ is strong. Support awaits at 1.2830, followed by 1.2750. Resistance looks far at 1.30. Update: The downtrend continues, with the new low already 1.2818. More: USD/CAD already below 1.28 on the BOC hike Forecasts upgraded for Canada Governor… 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.