CAD – The Canadian dollar edged higher on Wednesday. The currency rebounded from its lowest level in nearly eight weeks as investor sentiment picked up and the Bank of Canada raised interest rates to a 14-year high.
Commenting on the Bank of Canada’s September meeting, Reuters stated: “The BoC hiked its benchmark rate by three-quarters of a percentage point to 3.25% as expected, and signaled its most aggressive tightening campaign in decades was not yet done as it battles to tame inflation. Money markets expect about 50 basis points of additional tightening by the end of 2022.”
Commenting on the Bank of Canada’s September meeting, Reuters stated: “The BoC hiked its benchmark rate by three-quarters of a percentage point to 3.25% as expected, and signaled its most aggressive tightening campaign in decades was not yet done as it battles to tame inflation. Money markets expect about 50 basis points of additional tightening by the end of 2022.”