Prior was 2.25% Rates have been held steady since a cut in October Before the decision, the market was pricing in 2.4 bps of hiking at the July 15 meeting, or a 10% chance of a hike.
Skipping ahead to December, there are 36 bps of hiking priced in, or a hike and a 44% chance of a second hike
USD/CAD was trading at 1.3907 ahead of the decision as it looks to carve out a double top. The US dollar is broadly weaker today as the market breathes a sigh of relief that CPI wasn’t a five-alarm fire. am Button