On January 21, a Bank of Canada rate decision was released. Most analysts had not been expecting a change in the rate, yet this time the minority of analysts who had forecast a decrease in the rate were right. The committee took a decision to cut the refinancing rate from 1,00% to 0,75%. This decision was connected with downside risks, mainly coming from a decrease in oil prices.
After this decision was released, the Canadian dollar rapidly weakened. The USD/CAD currency pair rose 162 pips in one minute which allowed to make up to $1967, with trading one lot!
Bank of Canada rate decision