Canada: A slowing economy should keep the BoC on hold – CIBC – by FXstreetNews BOC USDCAD Banks
on hold for the remainder of 2023, rather than pulling the trigger on another rate hike, before cuts arrive early next year.“After sprinting out of the gate to start 2023, the Canadian economy had already hit a wall by March. Monthly GDP rose by 0.1% in February, which was a tick below the consensusand a noticeable deceleration from an upwardly revised 0.6% gain in January.
“The weak end to the first quarter, combined with the negative but temporary impact of the public sector strike on Q2 GDP, increases the risk of a contraction in economic activity during the second quarter. However, the Bank of Canada will look through that volatility, and focus instead on trying to get and keep inflation and inflation expectations under control.
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