Bank of Canada (BoC) — FX Impact, Latest News & FAQ
The Bank of Canada (BoC) sets the overnight rate target for Canada and announces decisions roughly eight times a year at 14:00 UTC. The accompanying Monetary Policy Report (April, July, October, January) sharpens forward guidance. Because C…
About Bank of Canada
The Bank of Canada (BoC) sets the overnight rate target for Canada and announces decisions roughly eight times a year at 14:00 UTC. The accompanying Monetary Policy Report (April, July, October, January) sharpens forward guidance. Because Canada is a major crude exporter, the Canadian dollar trades both the BoC-vs-Fed spread and WTI crude prices simultaneously — making USD/CAD one of the most oil-correlated FX pairs. Hawkish BoC surprises typically push USD/CAD lower; dovish surprises plus weak oil push it higher. NewFXT tracks every BoC release with live quote impact, AI commentary and calendar context.
Most affected FX pairs
BoC FAQ
What is the BoC?
The Bank of Canada is the central bank of Canada. It sets the overnight rate target and conducts open-market operations to keep money-market rates aligned with the target.
When does the BoC decide rates?
The BoC announces rate decisions roughly eight times a year, typically at 14:00 UTC on a Wednesday. The quarterly Monetary Policy Report dates produce the largest scheduled CAD volatility.
How do oil prices interact with BoC decisions?
Strong oil tightens financial conditions and supports CAD, allowing the BoC to lean less hawkish; weak oil pushes the BoC to be relatively more dovish. The combined oil + BoC signal is the dominant intraday driver of USD/CAD.