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.