BoC held rates at 2.25%. How did CAD react?

Market reaction:
🇨🇦 CAD strengthened slightly against USD
📉 USD/CAD moved lower after the decision
📊 Market reaction was muted, as the hold was widely expected
⚠️ Traders focused on growth recovery, inflation risks and the press conference tone

Key points:
📊 Policy rate held at 2.25%
📊 Bank Rate held at 2.50%
📊 Deposit rate held at 2.20%
📊 BoC said Canada’s economy is showing signs of improvement
📊 Inflation is expected to ease gradually from its recent spike

The Bank of Canada kept rates unchanged for the sixth consecutive decision. The central bank noted that growth is picking up, but also pointed to risks from global uncertainty, Middle East tensions and US trade policy. USD/CAD dipped after the decision, while other sources described the CAD reaction as muted because the hold was largely expected.

Did the BoC decision match your expectations? Did you trade the CAD reaction live, wait for the press conference or sit this one out? 👇

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Economic Calendar: High Impact Events
2026-07-20 — 2026-07-26

Monday 20 Jul
12:30 UTC · 🇨🇦 Canada · CPI m/m
12:30 UTC · 🇨🇦 Canada · Median CPI y/y
12:30 UTC · 🇨🇦 Canada · Trimmed CPI y/y
22:45 UTC · 🇳🇿 New Zealand · CPI q/q

Tuesday 21 Jul
06:00 UTC · 🇬🇧 United Kingdom · Claimant Count Change

Wednesday 22 Jul
06:00 UTC · 🇬🇧 United Kingdom · CPI y/y

Thursday 23 Jul
01:30 UTC · 🇦🇺 Australia · Employment Change
01:30 UTC · 🇦🇺 Australia · Unemployment Rate
12:15 UTC · 🇪🇺 Euro Area · Main Refinancing Rate
12:15 UTC · 🇪🇺 Euro Area · Monetary Policy Statement
12:45 UTC · 🇪🇺 Euro Area · ECB Press Conference

Times are shown in UTC.

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🚨 High-impact news 🚨

In 1 hour, at 12:15 UTC, the 🇪🇺 European Central Bank will announce its key interest rate decisions and release its monetary policy statement. Markets are expected to focus on whether the ECB keeps rates steady, how it assesses inflation risks and whether it leaves the door open for a possible move later in the year. Recent commentary points to renewed pressure from energy prices and geopolitical uncertainty, while inflation remains above the ECB's 2% target.

The ECB press conference will follow at 12:45 UTC. Are you planning to trade the EUR reaction right after the rate decision, wait for the press conference or sit out until volatility settles?