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The BOC was broadly expected to leave its interest rate unchanged at 0.25%. Governor Tiff Macklem surprised markets in the previous meeting by shrinking the bank’s bond-buying scheme. Apart from announcing its rate decision, Macklem and Deputy Governor Carolyn Wilkins will hold a press conference later on. 

Earlier, Canada reported a drop of 0.2% in the monthly Consumer Price Index, lower than expected. Dollar/CAD traded around 1.27 ahead of the publication.