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Bank of Canada leaves rates alone, equities take back yesterday’s losses

By Dragon Tehrani | Sep 9, 2020

The Bank of Canada came out as expected with no interest rate change and further indicated that rates would remain low for some time, but it would not become more aggressive with its overall monetary policy. It removed the aggressive stance from its last announcement. The BoC continues to purchase government bonds within its exiting parameters, however that being said, it cannot buy a major position in any one bond issue as it would become a significant owner.

Equities have come back with a roar, the Dow is up 1.95%, S&P500 up 2.26% and the NASDAQ is up 2.84%, analysts believe that this is a bounce after three days of massive selling. Whether this is just a breather in a further selloff remains to be seen.

The Canadian dollar rallied against the USD mostly on equities coming back and oil being up 4.22% rather than the Bank of Canada comments, we have seen the big move of the day, expect a range of 1.3145-1.3190.

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