New Bank of Canada Governor Stephen Poloz strutted into office and boldly proclaimed that the tide was turning, US growth was accelerating and Canada was on the upswing.

A few months later he’s already backtracking and the statement is quite a bit more dovish than the market is indicating.

Uncertain global economic conditions appear to be delaying the anticipated rotation of demand in Canada towards exports and investment.

Overall, the BOC says GDP is progressing as expected. The important parts of the statement are unchanged but there is an unmistakable tone of disappointment and that lack of investment has negative implications for growth in 2014 and will work to keep rates locked at 1.00%.

So far USD/CAD has fallen 15 pips but there is no reason in the statement to keep selling.