Tiff Macklem, Governor of the Bank of Canada, has said that it is too early to consider slowing the pace of bond-buying. Earlier, the BOC left its Quantitative Easing program at C$4 billion/month.
Macklem adds that the resurgence of the virus and containment measures could exacerbate the squeeze on the economy. On the other hand, Macklem expresses optimism about medium-term economic growth. The Canadian economy is set to expand in the second quarter and experience sustained strength.
USD/CAD is trading around 1.2645, up from the lows of 1.2606 after the bank left interest rates unchanged and raised growth forecasts.
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