Bank Of Canada Hikes Rates, Loonie Surges To Fresh Two-Year High
Ok, heads up, the BoC just hiked.
This wasn't entirely unexpected given the hot economic data that's been coming in fast and furious over the past couple of months, but it is extremely notable coming after the July hike.
Here's the reaction in the loonie which surged to a fresh two-year high:
This time around, specs were on the right side, having been burned horribly earlier this year:
And here's the breakdown from Bloomberg:
Bank of Canada raises overnight rate target to 1%, est. 0.7