BoC's Poloz: Economy is on a solid footing but faces risks, such as low oil prices
Following the Bank of Canada's decision to keep the overnight rate target unchanged at 1.75%, Governor Stephen S. Poloz, and Senior Deputy Governor Carolyn A. Wilkins are responding to questions from the press with key quotes, via Reuters, found below.
- Economy is on a solid footing but faces risks, such as low oil prices.
- Bank's analysis is that deviation from full capacity will be temporary.
- Still believes Canadian economy is heading for full capacity with rates in a neutral range.
- Considerable uncertainty on where the neutral range is.
USD/CAD slumps to 1.32 area despite BoC's cautious tone.
The USD/CAD pair fell to its lowest level since early December at 1.3178 in the early NA session and rebounded modestly. As of writing, the pair was down 0.42% on the day at 1.3220.
USD/CAD Technical Analysis: Greenback is getting smashed ahead of the FOMC minutes.
USD/CAD is trading in a bull trend above the 200 SMA.
About Stephen Poloz (via bankofcanada.ca)
"Stephen S. Poloz was appointed Governor of the Bank of Canada, effective 3 June 2013, for a term of seven years. As Governor, he is also Chairman of the Board of Directors of the Bank and a member of the Board of Directors of the Bank for International Settlements (BIS). He currently chairs both the BIS Audit Committee and the Consultative Council for the Americas."