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Bank of Canada Interest Rate Decision, September 2025

The Bank of Canada lowered the overnight rate target 25 bp to 2.50% on September 17, 2025, as expected.

Decision2.50%▼ cut −25 bp
Against expectedAs expectedexpected 2.50%
Previous2.75%overnight rate target
USD/CAD one hour later −3.6 pips from the last price before
The result

What the BoC decided in September 2025

The move −25 bp Cut 25 bp to 2.50%, from 2.75%.
Against expected No surprise Economists expected: cut 25 bp to 2.50%. The decision was as expected.
Timing 9:45 AM EDT Wednesday, September 17, 2025; 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 Sep 17, 2025 The hour before the 09:45 announcement ranged 15 pips. The first spike went above it by 3.7 pips, and a five-minute candle closed back inside after 5 minutes. 1.3750 1.3755 1.3760 1.3765 1.3770 09:00 09:30 10:00 10:30 11:00 11:30 THE HOUR BEFORE BoC 09:45 PRESS CONF. Spike 1.37687 · 3.7 pips past the hour's high Closed back inside · 5 min
  1. The hour beforeUSD/CAD ranged 15 pips, from 1.37501 to 1.37650, and was at 1.37601 at the announcement.
  2. The first spike After 0 minutes price went through the hour's high and ran 3.7 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: −1.2 pips at 15 minutes, −3.6 pips at one hour, +2.4 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, July 2025Held at 2.75% Next decision →BoC, October 2025Wed, Oct 29, 9:45 AM EDT
Questions

BoC September 2025 decision: questions

What time was the BoC interest rate decision on Sep 17, 2025?

It was announced at 9:45 AM EDT (9:45 AM EDT New York, 2:45 PM London London), with the press conference at 10:30 AM EDT.

What did the BoC decide in September 2025?

Cut 25 bp to 2.50% (previous 2.75%). Economists expected: cut 25 bp to 2.50%, so the decision was as expected.

How did USD/CAD react to the BoC decision in September 2025?

On one-minute candles: the hour before ranged 15 pips; the first spike went above it by 3.7 pips; a five-minute candle closed back inside after 5 minutes; after one hour USD/CAD was −3.6 pips from its pre-announcement price.

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