BOC Governor Carney is on the wires, continuing to layout the case for quantitative ease, credit ease and intervention to weaken the CAD and achieve the Bank’s 2% inflation target. Inflation in Canada has been running less than 1% of late. He keeps hammering away to the market that all options are on the table. Forget comparisons with Australia or Norway the next central bank expected to hike; Canada is going to ease further to push down the Loonie and try and put an end to disinflation.

Inflation without corresponding policy moves won’t work, he notes.

USD/CAD trades now at 1.0665 from earlier highs of 1.0715.