The Bank of Canada is one of very few central banks that has made records of the intraday timing of its intervention operations available to researchers. This paper investigates the effectiveness of sterilized intervention in the Canadian dollar exchange rate market over the period January 1995...

Foreign exchange intervention may be undertaken to meet a range of objectives. Empirical work conducted to test the effectiveness of intervention does not adequately address how these objectives may vary over time. As a result, these studies overwhelmingly find that foreign exchange intervention...