Overnight Rate (CAD) comes in at 2% against 2.25% consensus
| Pair | Now | Since publish |
|---|---|---|
| USDCAD | — | — |
The Bank of Canada announced its Overnight Rate at 2% today, July 15, 2026. This figure came in below the market consensus expectation of 2.25%. The previous rate was 2%. The actual print represented a -11.1% surprise when compared to the consensus forecast.
Measured market reactions approximately 15 minutes after the release showed various movements for CAD pairs. AUDCAD was up 6.0 pips, CADCHF was down 6.4 pips, and CADJPY was down 6.9 pips. EURCAD gained 11 pips, GBPCAD rose 23 pips, NZDCAD was up 4.4 pips, and USDCAD also gained 4.4 pips. These initial movements are generally small when compared to the median 1-hour moves observed after past releases. For context, AUDCAD typically sees a median 1-hour move of 20 pips, CADCHF 17 pips, CADJPY 25 pips, EURCAD 37 pips, GBPCAD 38 pips, NZDCAD 19 pips, and USDCAD 37 pips.