Comments from the Bank of Canada's Agatha Cote in Winnipeg:

  • Falling oil prices have reduced Canadian incomes
  • After contracting in H1, Canadian economy expected to expand in H2
  • Exports that are more sensitive to CAD have regained momentum
  • US economic activity expected to accelerate
  • Inflation is expected to return sustainably to 2% in H1 2017
  • Full text of the speech available here

This is very similar to the party line from the BOC. In general, BOC deputies rarely stray from the line set out by the Governor. There are some very important exceptions, however, like the hint of a cut before the Sept meeting.