Text of Speech released on BOC website

  • Cut bought us time to monitor evolution of oil impact
  • Easing of financial conditions and oil stabilisation after cut made CB increasingly comfortable with amount of insurance taken
  • More financial volatility is to be expected during transition to more conventional mon pol
  • Markets should focus on data not BOC rhetoric
  • BOC will return inflation to target in timely fashion
  • Says he prefers not to surprise markets

Whatever chance the market may have been holding for further rate cuts, that's all but been dashed by these comments

the CAD has gone a tad bid on the comments with USD/CAD falling nearly 30 pips to 1.2433.

Live video of Poloz speaking and his press conference, which is due at 10:30 am ET (1430 GMT).