Yet another master-class in hand talking from Bank of Canada Governor Poloz
Poloz here talks about the collapse of exports, the recovery, but how the export recovery is disappointing and then says they have no idea what's going on or what's coming next.
That's basically the story of the BOC press conference today.
In the bigger picture, the statement sounded a bit optimistic and that sent USD/CAD a cent lower. Then Poloz dropped the bomb that the BOC "actively" discussed cutting rates today and USD/CAD screamed all the way back.
On net, it's back to where it was but his message was that if exports disappoint for a few more months and their suspicions about continued weakness are confirmed, then a cut is coming sometime in Q1 2017.
