The central bank maintained that the Canadian economy has been rising in line with the initial projections, which supports the undertaken course of action by the BOC’s in regards its monetary policy. As expected, the central commentary was focused on the recent developments in international trade and the oil market.
“The oil sector is beginning to recover as production increases and prices remain above recent lows.[…]Overall, recent data have reinforced Governing Council’s view that the slowdown in late 2018 and early 2019 was temporary, although global trade risks have increased” [source]
From this statement seemingly the BOC does not perceive the recent slump of more than $20 per barrel in the oil market as a worrying development for the Canadian economy, and instead, more attention was given to the robust CPI data and the rising labour market in the country.
Finally, the USDCAD pair rose with 0.26% within the first hour after the release of the interest rate decision and the following statement by the Bank of Canada. After these recent developments, the price action finally managed to break above the significant resistance level of 1.34889, which has been prevailing since early January. If this surge does not turn out to be a false breakout, the market might be ready to test the highs of late-December 2018 next.
Image source: Trendsharks ©, created with TradingView.com
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