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BoC remained in hold

As expected, the Bank of Canada remained on hold buy leaving the overnight rate at 1.0%. In their view, current stimulus will likely remain appropriate for a period of time, after which some modest withdrawal is likely. 

The regulator expects the Q1 GDP to come stronger than projected in April, but for year as a whole to be in line with forecast. Exports is gradually recovering, but will be restrained by CAD strength and subdued foreign demand.

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