Bank of Canada press conference

From the opening statement:

  • Deliberations focused on appropriate pace of rate rises
  • Recent wage data has been encouraging
  • Interest rates may need to remain below neutral range
  • Economy not yet able to stay at full capacity on its own
  • Canada has made considerable economic progress in the past 12 months
  • More room for demand growth within our 2% inflation target
  • There are elements of slack in the economy
  • Household credit has moderated, which is a sign of the effect of higher rates

These are some dovish comments and USD/CAD is at fresh highs of the day.