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Bank of Canada Interest Rate Decision, March 2026

The Bank of Canada held the overnight rate target at 2.25% on March 18, 2026, as expected.

Decision2.25%■ hold
Against expectedAs expectedexpected 2.25%
Previous2.25%overnight rate target
USD/CAD one hour later −16 pips from the last price before
The result

What the BoC decided in March 2026

The move Hold Held at 2.25%.
Against expected No surprise Economists expected: hold at 2.25%. The decision was as expected.
Timing 9:45 AM EDT Wednesday, March 18, 2026; press conference at 10:30 AM EDT.
What price did

USD/CAD after the BoC decision, minute by minute

One-minute candles, Ottawa time. The box is the hour before the announcement. How we measure.

USD/CAD one-minute chart around the Bank of Canada decision of Mar 18, 2026 The hour before the 09:45 announcement ranged 20 pips. The first spike went above it by 2.2 pips, and a five-minute candle closed back inside after 10 minutes. 1.370 1.371 1.372 09:00 09:30 10:00 10:30 11:00 11:30 THE HOUR BEFORE BoC 09:45 PRESS CONF. Spike 1.37237 · 2.2 pips past the hour's high Closed back inside · 10 min
  1. The hour beforeUSD/CAD ranged 20 pips, from 1.37015 to 1.37215, and was at 1.37166 at the announcement.
  2. The first spike After 0 minutes price went through the hour's high and ran 2.2 pips past it.
  3. The close back A five-minute candle closed back inside the range after 10 minutes.
  4. The other side Price then traded through the opposite edge of the range within four hours.
  5. The moves From the last price before the announcement: −5.9 pips at 15 minutes, −16 pips at one hour, −20 pips at four hours.
For context

Across 15 measured BoC decisions since January 2025, the first spike closed back inside the hour-before range within 60 minutes in 12 (80%), and in 6 of those price then took the other side within four hours. In the other 3 the first move held. Median move in the first 15 minutes: 12 pips.

This decision is one of the closed-back cases. Counts include the decisions where it did not close back. All BoC dates · BoC overview.

← Previous decisionBoC, January 2026Held at 2.25% Next decision →BoC, April 2026Wed, Apr 29, 9:45 AM EDT
Questions

BoC March 2026 decision: questions

What time was the BoC interest rate decision on Mar 18, 2026?

It was announced at 9:45 AM EDT (9:45 AM EDT New York, 1:45 PM London London), with the press conference at 10:30 AM EDT.

What did the BoC decide in March 2026?

Held at 2.25% (previous 2.25%). Economists expected: hold at 2.25%, so the decision was as expected.

How did USD/CAD react to the BoC decision in March 2026?

On one-minute candles: the hour before ranged 20 pips; the first spike went above it by 2.2 pips; a five-minute candle closed back inside after 10 minutes; after one hour USD/CAD was −16 pips from its pre-announcement price.

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