Bank of Canada left policy rate unchanged at 1.75% in October as expected

• Bank of Canada kept its key rate steady at 1.75% as expected.
• BoC cut 2020 growth forecast to 1.7% from 1.9% and 2021 forecast to 1.8% from 2.0%.

In a widely expected decision, the Bank of Canada on Wednesday announced that it left the policy rate steady at 1.75% at its October policy meeting. At 15:15 GMT, BoC Governor Poloz will be delivering his remarks on the policy outlook in a press conference.

With the initial market reaction, the USD/CAD pair rose above the 1.31 handle and was last seen trading at 1.3107, adding 0.17% on the day. Below are some key takeaways from the policy statement, via Reuters.