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Bank of Canada Interest Rate Decision, October 2026

The Bank of Canada raised the overnight rate target 25 bp to 2.50% on October 28, 2026, as expected.

Decision2.50%▲ hike +25 bp
Against expectedAs expectedexpected 2.50%
Previous2.25%overnight rate target
USD/CAD one hour later +8.6 pips from the last price before
The result

What the BoC decided in October 2026

The move +25 bp Raised 25 bp to 2.50%, from 2.25%.
Against expected No surprise Economists expected: hike 25 bp to 2.50%. The decision was as expected.
Timing 9:45 AM EDT Wednesday, October 28, 2026; press conference at 10:30 AM EDT.
The vote

What visitors called before the BoC decision

Voting closed at the announcement. Votes are opinions, not a forecast. How votes are counted.

Your callThe vote · closed

What will the BoC do?

Closed at the decision.

The BoC raised 25 bp to 2.50%.

Your callThe vote · closed

Which play happens on USD/CAD?

Closed at the decision.

A played out: USD/CAD traded above 1.40543 by 10:00 AM EDT, a 15-minute candle closed back below it at 10:00 AM EDT, and 1.40257 traded by 2:45 PM 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 Oct 28, 2026 The hour before the 09:45 announcement ranged 26 pips. The first spike went below it by 7.0 pips, and a five-minute candle closed back inside after 5 minutes. 1.403 1.404 1.405 1.406 1.407 09:00 09:30 10:00 10:30 11:00 11:30 THE HOUR BEFORE BoC 09:45 PRESS CONF. Spike 1.40281 · 7.0 pips past the hour's low Closed back inside · 5 min
  1. The hour beforeUSD/CAD ranged 26 pips, from 1.40351 to 1.40614, and was at 1.40489 at the announcement.
  2. The first spike After 0 minutes price went through the hour's low and ran 7.0 pips past it.
  3. The close back A five-minute candle closed back inside the range after 5 minutes.
  4. The other side Price did not trade through the opposite edge within four hours.
  5. The moves From the last price before the announcement: −9.7 pips at 15 minutes, +8.6 pips at one hour, −12 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, September 2026Held at 2.25% Next decision →BoC, December 2026Wed, Dec 9, 9:45 AM EST
Questions

BoC October 2026 decision: questions

What time was the BoC interest rate decision on Oct 28, 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 October 2026?

Raised 25 bp to 2.50% (previous 2.25%). Economists expected: hike 25 bp to 2.50%, so the decision was as expected.

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

On one-minute candles: the hour before ranged 26 pips; the first spike went below it by 7.0 pips; a five-minute candle closed back inside after 5 minutes; after one hour USD/CAD was +8.6 pips from its pre-announcement price.

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