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BoC's Poloz: Storm is temporary but events could be prolonged

Commenting on the Bank of Canada's surprise decision to cut the policy rate by 50 basis points, Governor Poloz said the policy action is meant to buttress the business confidence. "I believe the storm is temporary but events could be prolonged," Poloz argued.

"The main fundamental that changed since last week is that oil prices fell," Poloz added. "We have a variety of other tools in the tool kit. The bank can put plenty of liquidity into the hands of the banks if needed."

USD/CAD reaction

After spiking to 1.3980 area with the initial reaction to the BoC's announcement, the USD/CAD pair retreated slightly and was last seen trading at 1.3923, down 0.03% on the day.

USD/CAD rises toward 1.3980 after BoC cuts rates in a surprise move

The USD/CAD rose from 1.3905 to 1.3978, slightly below the daily high following a surprise rate cut from the Bank of Canada. The Loonie depreciated mo
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Saudi Arabia floods markets with $25 oil amid price war with Russia

Reuters quoted five trading sources said on Friday, saying that Saudi Arabia is flooding markets with oil at prices as low as $25 per barrel. The Saud
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