Forex: USD/CAD slumps after BoC decision

FXstreet.com (Córdoba) - The Canadian dollar strengthened at the beginning of the New York session after the Bank of Canada kept rates on hold and reiterated its hawkish speech that modest withdrawal of monetary policy stimulus will be necessary over time.

BoC statement saw USDCAD drop over 20 pips within minutes toward a fresh daily low of 0.9922. At time of writing, USDCAD is trading at the 0.9925 area, down 0.2% on the day.