Bank of Canada cuts overnight rate target to 0.50%
Jul 15 2015
Today, the Bank of Canada announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 1/2 per cent.
The immediate response is a fall in the value of the Canadian dollar. Although we think there could be a little bounce back that would negate some of the damage, the CAD should likely continue lower over time.
All of our recent buys have been in the USA, and sells in Canada.
We continue to own roughly 50% foreign stocks, helping weather the storm of our weaker currency.