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The Bank of Canada Governor holds a press conference and takes questions from reporters along with Senior Deputy Governor Carolyn Rogers.

Highlights:

• We are navigating carefully
• The Canadian economy started the year in a good place
• In March, we said we would be less-forward looking
• Much has happened since March but the situation is no less clear
• We’re going to do as much as we can to support to the Canadian economy while maintaining our focus on price stability
• My comment about ‘acting decisively’ isn’t a code word
• Says he’s heading to IMF meetings soon and expects some clarity there

He repeated the ‘navigating carefully’ line after referring to his notes. That’s clearly a talking point but it’s not clear what he’s saying. I think it implied that rate cuts were still in play but they want to try and get some clarity on tariffs. I think it’s a mistake because the path of growth is undoubtedly down and they could quickly fall behind the curve.

Rogers:

• We’re hoping for some clarity

This article was written by Adam Button at www.forexlive.com.

Bank of Canada (BoC) Governor Tiff Macklem addressed the central bank’s policy outlook and answered questions from the media after the BoC paused its easing cycle in April.

The Bank of Canada kept rates unchanged. That took the price below the 100 hour moving average of 1.39144, but the low price at 1.3882 is still above the low price from yesterday’s trade near 1.3850 and above the low price from Monday’s trade 1.38278. The Monday low was the lowest level going back to November 2024 when the price bottomed at 1.38171. All of those levels are now targets on more selling momentum.

On the topside, a move back above the 100-hour MA (and staying above) would give the buyers some hope.

This article was written by Greg Michalowski at www.forexlive.com.

The episode highlights the lengths JPMorgan Chase, the biggest U.S. bank by assets, will go to claw back funds it is owed and to deter future crimes.

• Prior was +2553K
• Gasoline -1958K vs -1595K exp
• Distillates -1851K vs -1180K exp
• Refinery utilization -0.4% vs +0.4% expected

Private inventories from the API late yesterday:

• Crude +2400K
• Gasoline -3010K
• Distillates -3160K

This is a decent report with some solid product draws. We’re nearing the end of the inventory building season and the start of driving season. With all the international tensions, global consumers could be taking more road trips this summer.

This article was written by Adam Button at www.forexlive.com.

United States EIA Crude Oil Stocks Change registered at 0.515M above expectations (0.4M) in April 11

Trump’s tariffs have whipped up historic market volatility and frayed America’s relationships with its allies and trading partners.

The USD/CAD pair extends its downside below 1.3900 during North American trading hours on Wednesday. The Loonie pair weakens further as the Bank of Canada (BoC) leaves its borrowing rates at 2.75%, as expected.

USD/CAD has traded lower after the Bank of Canada opted to hold rates at 2.75%.

Macklem will be asked about what’s next as the market prices in a 50/50 outcome of the June meeting.

This article was written by Adam Button at www.forexlive.com.