USD/CAD very choppy on BoC - Westpac

Analysts at Westpac explained that the Bank of Canada hiked rates by 25bp for a third time since mid-2017 to 1.25%, meeting widespread expectations.

Key Quotes:

"The Bank noted higher rates will be needed over time but there’s no rush to deliver another follow up anytime soon, Governor Poloz noting accommodative policy is still needed due to NAFTA risks and that hiking rates too quickly could stall the economy.

USD/CAD was very choppy around the announcement, dipping to 1.2380 on the hike, jumping to 1.2520 on the accompanying statement which sounded wary but then sliding back under 1.2400 as the tone at the press conference was more positive."