Loonie falls after BoC slashes rates for third time in March

The Canadian dollar fell against most major currencies on Friday, Following the Bank of Canada's emergency decision to cut interest rates for the third time during March.

The Bank of Canada decided today to cut interest by 50 basis points to 0.25% from 0.75%, to support the Canadian economy.

The BoC stated that these measures are aimed at easing the coronavirus impact on the economy and the Canadian companies.

It also launched two new asset purchase programs, the first of which will be designated for providing liquidity in the bond market, and the second for buying at least CAD$5 billion in government bonds per week.

As of 16:50 GMT, CAD/USD fell 0.3% to 0.7111, after hitting earlier an intraday high of 0.7151 and a low of 0.7066.