FxPro Forex Analysis: Bank of Canada cuts rates

The Bank of Canada has cut rates in what is a surprise move to markets which has sent the CAD tumbling by 1.6% vs the USD. The central bank states that the magnitude of the oil price shock has created exceptional uncertainty, with this being combined with a weaker economic outlook for the first half of the year. Weaker oil and gas investment playing a role here, together with a negative impact on public finances.