BoC Governor Poloz says bank is ready to cut rates further if needed. US Dollar Index slumps to two-month lows below 97 on plummeting T-bond yields. WTI erases more than 2%, trades around $46. The USD/CAD pair erased its gains during the American trading hours and dropped below the 1.3400 handle but didn’t have a difficult time regaining traction as falling crude oil prices and Bank of Canada Governor Poloz’s comments weighed on the CAD. As of writing, the pair was up 0.35% on a daily basis at 1.3430. Poloz leaves the door open for additional rate cuts Commenting on the BoC decision to cut the policy rate by 50 basis points to 1.25% on March 4th, Poloz said the Canadian economy could be seriously tested by the coronavirus outbreak and added that the bank is ready to cut rates further if needed. “Monetary policy can contribute by buffering effects of outbreak on consumer and business confidence,” Poloz added. “This contribution can be particularly powerful when the shock is global, and the response is coordinated.” In the meantime, OPEC+ failed to reach an agreement on additional output cuts on Thursday and this development triggered a fresh crude oil selloff. The barrel of West Texas Intermediate was last seen trading near the $46 mark, erasing more than 2% on a daily basis. On the other hand, the 10-year US Treasury bond yield slumped to a fresh all-time low by losing, once again, nearly 15% on a daily basis and caused the greenback to weaken against its rivals. With the US Dollar Index dropping to its lowest level in two months at 96.75, the pair seems to be struggling to push higher in the session. Friday’s economic calendar will feature labour market data from both the US and Canada. Technical levels to watch for 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 WTI drops briefly below $46 mark amid risk-off, ahead of OPEC decision FX Street 3 years BoC Governor Poloz says bank is ready to cut rates further if needed. US Dollar Index slumps to two-month lows below 97 on plummeting T-bond yields. WTI erases more than 2%, trades around $46. The USD/CAD pair erased its gains during the American trading hours and dropped below the 1.3400 handle but didn't have a difficult time regaining traction as falling crude oil prices and Bank of Canada Governor Poloz's comments weighed on the CAD. As of writing, the pair was up 0.35% on a daily basis at 1.3430. Poloz leaves the door open for additional rate cuts Commenting on the… 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.