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Bank of Canada Interest Rate Decision
The Governing Council sets the overnight rate target. The next decision is on Wednesday, December 9, 2026 at 9:45 AM EST.
BoC interest rate decision on Dec 9, 2026
Bank of Canada · Governing Council
- Ottawa
- Wed, Dec 9 · 9:45 AM EST
- New York
- Wed, Dec 9 · 9:45 AM EST
- London
- Wed, Dec 9 · 2:45 PM London
- UTC
- Wed, Dec 9 · 2:45 PM UTC
- Your time
- 2:45 PM UTC
- Press conference
- 10:30 AM EST
- Projections
- No projections this time
- Expected
- No consensus yet
How USD/CAD reacts to the BoC decision
Measured on one-minute candles, every decision since January 2025, the same way each time. How we measure.
In 12 of 15 measured BoC decisions the first spike closed back inside the hour-before range within 60 minutes, and in 6 of those price then took the other side within four hours. In the other 3 (20%) the first move held. The median move in the first 15 minutes was 12 pips.
| Date | Decision | Against expected | Hour before | First side | Closed back | After 60 min |
|---|---|---|---|---|---|---|
| Oct 28, 2026 | ▲ hike 2.50% | as expected | 26 pips | ▼ 7.0 pips | 5 min | +8.6 pips |
| Sep 2, 2026 | ■ hold 2.25% | as expected | 21 pips | ▼ 38 pips | No | −37 pips |
| Jul 15, 2026 | ■ hold 2.25% | as expected | 13 pips | ▲ 1.2 pips | 5 min | −5.2 pips |
| Jun 10, 2026 | ■ hold 2.25% | as expected | 34 pips | ▼ 5.5 pips | 10 min | +15 pips |
| Apr 29, 2026 | ■ hold 2.25% | as expected | 22 pips | ▲ 17 pips | 35 min | −4.3 pips |
| Mar 18, 2026 | ■ hold 2.25% | as expected | 20 pips | ▲ 2.2 pips | 10 min | −16 pips |
| Jan 28, 2026 | ■ hold 2.25% | as expected | 22 pips | ▼ 4.9 pips | 10 min | +5.6 pips |
| Dec 10, 2025 | ■ hold 2.25% | as expected | 16 pips | ▲ 17 pips | No | +5.5 pips |
| Oct 29, 2025 | ▼ cut 2.25% | as expected | 11 pips | ▼ 9.2 pips | 10 min | −17 pips |
| Sep 17, 2025 | ▼ cut 2.50% | as expected | 15 pips | ▲ 3.7 pips | 5 min | −3.6 pips |
| Jul 30, 2025 | ■ hold 2.75% | as expected | 25 pips | ▲ 3.8 pips | 5 min | +3.4 pips |
| Jun 4, 2025 | ■ hold 2.75% | as expected | 13 pips | ▼ 3.6 pips | 5 min | −34 pips |
| Apr 16, 2025 | ■ hold 2.75% | as expected | 14 pips | ▼ 41 pips | No | −31 pips |
| Mar 12, 2025 | ▼ cut 2.75% | as expected | 39 pips | ▲ 5.5 pips | 15 min | −7.4 pips |
| Jan 29, 2025 | ▼ cut 3.00% | as expected | 35 pips | ▼ 15 pips | 10 min | +0.1 pips |
Counts include the decisions where the first spike did not close back. Up and down are the pair USD/CAD. Past reactions describe what happened; they are not a forecast.
BoC rate decisions since 2024
Every BoC decision on the overnight rate target since 2024, newest first. Between 2.25% and 5.00% over the period. The full BoC rate history since 2008 has every decision, the cycles and a CSV.
| Date | Decision | Rate | Expected | Previous | Change |
|---|---|---|---|---|---|
| Oct 28, 2026 | ▲ hike | 2.50% | Hike 25 bp to 2.50% | 2.25% | +25 bp |
| Sep 2, 2026 | ■ hold | 2.25% | Hold at 2.25% | 2.25% | 0 bp |
| Jul 15, 2026 | ■ hold | 2.25% | Hold at 2.25% | 2.25% | 0 bp |
| Jun 10, 2026 | ■ hold | 2.25% | Hold at 2.25% | 2.25% | 0 bp |
| Apr 29, 2026 | ■ hold | 2.25% | Hold at 2.25% | 2.25% | 0 bp |
| Mar 18, 2026 | ■ hold | 2.25% | Hold at 2.25% | 2.25% | 0 bp |
| Jan 28, 2026 | ■ hold | 2.25% | Hold at 2.25% | 2.25% | 0 bp |
| Dec 10, 2025 | ■ hold | 2.25% | Hold at 2.25% | 2.25% | 0 bp |
| Oct 29, 2025 | ▼ cut | 2.25% | Cut 25 bp to 2.25% | 2.50% | −25 bp |
| Sep 17, 2025 | ▼ cut | 2.50% | Cut 25 bp to 2.50% | 2.75% | −25 bp |
| Jul 30, 2025 | ■ hold | 2.75% | Hold at 2.75% | 2.75% | 0 bp |
| Jun 4, 2025 | ■ hold | 2.75% | Hold at 2.75% | 2.75% | 0 bp |
| Apr 16, 2025 | ■ hold | 2.75% | Hold at 2.75% | 2.75% | 0 bp |
| Mar 12, 2025 | ▼ cut | 2.75% | Cut 25 bp to 2.75% | 3.00% | −25 bp |
| Jan 29, 2025 | ▼ cut | 3.00% | Cut 25 bp to 3.00% | 3.25% | −25 bp |
| Dec 11, 2024 | ▼ cut | 3.25% | Cut 50 bp to 3.25% | 3.75% | −50 bp |
| Oct 23, 2024 | ▼ cut | 3.75% | Cut 50 bp to 3.75% | 4.25% | −50 bp |
| Sep 4, 2024 | ▼ cut | 4.25% | Cut 25 bp to 4.25% | 4.50% | −25 bp |
| Jul 24, 2024 | ▼ cut | 4.50% | Cut 25 bp to 4.50% | 4.75% | −25 bp |
| Jun 5, 2024 | ▼ cut | 4.75% | Cut 25 bp to 4.75% | 5.00% | −25 bp |
| Apr 10, 2024 | ■ hold | 5.00% | Hold at 5.00% | 5.00% | 0 bp |
| Mar 6, 2024 | ■ hold | 5.00% | Hold at 5.00% | 5.00% | 0 bp |
| Jan 24, 2024 | ■ hold | 5.00% | Hold at 5.00% | 5.00% | 0 bp |
How the Governing Council decides
Bank of Canada · Canada
- Meetings
- Eight fixed announcement dates a year.
- Announcement
- The decision is published at 9:45 am Eastern time.
- Press conference
- The Governor's press conference starts at 10:30 am.
- Projections
- In January, April, July and October the decision comes with the Monetary Policy Report.
- Who votes
- The Governing Council, led by the Governor, decides by consensus; there is no published vote.
Check times against the bank's own calendar.
- The decision against what was expected.
- Whether the statement says further moves are likely, or that the Bank is waiting.
- The Monetary Policy Report's forecasts on report months.
- Oil and the US: USDCAD often trades the Fed and oil as much as the Bank of Canada.
Which way USD/CAD moves. CAD is the second currency in USD/CAD, so a hawkish surprise (a bigger hike, a smaller cut, a hold when a cut was expected) tends to push USD/CAD down, and a dovish one to push it up.
BoC meeting dates 2026 and 2027
Every upcoming BoC interest rate decision. Times in Ottawa and New York; your own time is on each decision's page. By year: BoC meeting dates 2025 · BoC meeting dates 2026 · BoC meeting dates 2027.
| Date | Ottawa time | New York | Expected | With projections | |
|---|---|---|---|---|---|
| Wed, Dec 9, 2026 | 9:45 AM EST | Wed, Dec 9 · 9:45 AM EST | Not yet | — | Preview → |
| Wed, Jan 27, 2027 | 9:45 AM EST | Wed, Jan 27 · 9:45 AM EST | Not yet | Yes | |
| Wed, Mar 17, 2027 | 9:45 AM EDT | Wed, Mar 17 · 9:45 AM EDT | Not yet | — | |
| Wed, Apr 28, 2027 | 9:45 AM EDT | Wed, Apr 28 · 9:45 AM EDT | Not yet | Yes | |
| Wed, Jun 9, 2027 | 9:45 AM EDT | Wed, Jun 9 · 9:45 AM EDT | Not yet | — | |
| Wed, Jul 14, 2027 | 9:45 AM EDT | Wed, Jul 14 · 9:45 AM EDT | Not yet | Yes | |
| Wed, Sep 1, 2027 | 9:45 AM EDT | Wed, Sep 1 · 9:45 AM EDT | Not yet | — | |
| Wed, Oct 27, 2027 | 9:45 AM EDT | Wed, Oct 27 · 9:45 AM EDT | Not yet | Yes | |
| Wed, Dec 8, 2027 | 9:45 AM EST | Wed, Dec 8 · 9:45 AM EST | Not yet | — |
BoC interest rate decision: questions
What time is the Bank of Canada rate announcement?
9:45 am Eastern time, with the Governor's press conference at 10:30 am.
When is the next BoC meeting?
The next BoC interest rate decision is on Wednesday, December 9, 2026 at 9:45 AM EST, with the press conference at 10:30 AM EST. Times are in Ottawa time; the meeting dates below give the rest of the schedule.
What is the BoC interest rate now?
The overnight rate target is 2.50%. The last change was an increase of 25 bp on Oct 28, 2026.
How does the BoC decision move USD/CAD?
In 12 of 15 measured BoC decisions the first spike closed back inside the hour-before range within 60 minutes, and in 6 of those price then took the other side within four hours. In the other 3 (20%) the first move held. The median move in the first 15 minutes was 12 pips. CAD is the second currency in USD/CAD, so a hawkish surprise (a bigger hike, a smaller cut, a hold when a cut was expected) tends to push USD/CAD down, and a dovish one to push it up. Past reactions describe what happened, not what will.
Learn the read behind every projection.
Forexia teaches the same read this site measures: where the stops rest before a release, the hunt, and the close back that says it is done. Courses, live signals for members, and a community of traders who chart the same way.