Investing.com - The Bank of Canada left its benchmark interest rate unchanged in March, after surprising the markets with a 0.25% rate cut at its previous meeting, it announced on Wednesday.
The BoC said it was leaving its overnight cash rate unchanged at 0.75%, in line with expectations.
The bank said in a statement that, "Financial conditions in Canada have eased materially since January, in response to the Bank’s recent monetary policy action and to global financial developments."
The BoC added that "the risks around the inflation profile are now more balanced and financial stability risks are evolving as expected in January."
In conclusion, policymakers judged that "the current degree of monetary policy stimulus is still appropriate."
USD/CAD was trading at 1.2474 from around 1.2519 ahead of the announcement.