The CAD/NOK currency pair snapped a two-day streak of losses on Monday in the wake of the Bank of Canada’s policy decision and Norway’s macro data.
The Bank of Canada kept its benchmark interest rate intact at 2.75% at its July 30th policy meeting, in line with market consensus.
This has been the third hold after 225 basis points of rate cuts in seven consecutive meetings.
Policy makers noted that the Canadian economy had so far remained resilient to tariffs already mandated, as employment keeps holding up and second-half growth forecasts remain optimistic under the current tariff scenario.
Yet, the economy is due to contract in Q2, as exporters received fewer orders after front-loading deliveries in Q1.
Meanwhile, data out of Norway showed that manufacturing had returned to growth in July.
Norway’s DNB Manufacturing PMI rose to 50.9 in July from 49.3 in June.
The CAD/NOK currency pair was last up 0.21% on the day to trade at 7.4427.
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