Details of the Bank of Canada rate decision July 15, 2015:
– Cuts 2015 GDP forecast to 1.1% from 1.9%
– Cuts 2016 GDP forecast to 1.5% from 1.7%
– Cuts Q2 GDP estimate to -0.5% from +1.8%
The Bank of Canada now forecasts that the economy is in recession. USD/CAD jumps to 1.2909. — a six year high.
