Analysts at TD Securities explained that they look for the BoC to keep rates on hold in September along with a universal consensus.
Key Quotes:
“The statement is likely to maintain an upbeat tone and repeat that further tightening will be warranted, in addition to showing comfort with the evolution of data over the last six weeks, which should support market pricing for a rate hike in October.”
“While less noteworthy than the BoC, international merchandise trade for July will be released at 8:30 ET and provide an early update on Q3 growth dynamics.”
“TD looks for the deficit to widen a touch to -$1.0bn on a pickup in import activity while exports will be hampered by a shutdown in the oil sands.”
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