The Bank of Canada has announced that it will keep its benchmark interest rate at 5%, keeping its benchmark unchanged for the fourth time in a row.
At a press conference on Wednesday morning, central bank governor Tiff Macklem said Canada is now thinking about how long it will take to get to higher interest rates, rather than primarily whether the bank's policy-setting rates are high enough.
The central bank's governor noted that inflation in Canada is "still too high", suggesting that this will not be enough for them to decide to cut interest rates.
As soon as the news came out, the trend of the Canadian dollar was two long black candlesticks!