Despite a BOC monetary policy meeting to shake things up, it was a mixed week for Canadian dollar pairs as it falls to counter currency influences.
Canada Headlines and Economic data
- Oil prices hit nearly 6-month highs on reports US will end Iran sanctions waivers – This story was a big driver for oil’s rally on the day, which is likely the reason why the Canadian dollar was a gainer on the session.
- Canadian wholesale sales increased 0.3% to $63.7 billion in February, the third consecutive monthly gain
- Bank of Canada cuts growth forecast, abandons talk of rate hikes – The market reaction was a swift one to the downside as the BOC removed the possibility of tightening interest rates, but quickly bounce back to near pre-event levels.
- No Canadian dollar related headlines or economic data.