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“We look for the Bank to stay on hold in July while providing limited guidance as it awaits more clarity around the global outlook,” TD Securities analysts said in their weekly publication previewing next week’s important macroeconomic data releases and events.

“Forecast revisions should reveal an upgrade to 2019 CPI and GDP, although the latter is likely pulled forward from 2020/21. Neutral messaging will keep markets focused on incoming data, although risks skew dovish given the global backdrop,” analysts argued.