The Bank of Canada decision at the top of the hour will almost certainly be a non-event.
The interest rate derivative market isn’t pricing in any chance of a rate hike nor any chance of a move in rates over the next 12 months.
If anything, CAD might play a bit of catch-up to the other commodity currencies once the decision is out of the way.
The key line contains a slight hiking bias, and says that “some modest withdrawal of monetary policy stimulus will likely be required.”
