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Reuters reported that the Bank of Canada saw some choppiness in growth in the second quarter of 2021 following a sharp economic recovery from the COVID-19 pandemic at the start of the year, Governor Tiff Macklem said on Wednesday.

key comments

Macklem told the Senate’s banking committee that a complete recovery would still take some time and described the third wave of the coronavirus as a setback.

Bank of Canada governor tiff Macklem says we are seeing some early signs of slowing in the housing market.

BoC’s Macklem says it will take some time for the housing market to come back into balance.

Bank of Canada governor tiff Macklem says economic recovery is making good progress.

BoC’s Macklem says complete recovery will still take some time; the third wave of the virus has been a setback.

BoC’s Macklem says following a sharp bounce back in economic activity in the fall and winter, we’ve seen choppiness in growth again in the second quarter of 2021.

BoC’s Macklem says overall, we expect the housing market to be better balanced, but we will continue to watch this area closely.

BoC’s Macklem says further adjustments to our QE  program will be gradual, and we will be deliberate in both our assessment of incoming data and the communication of our analysis.

The price of CAD is lower on the back of US dollar strength. Corrections are being watched for but traders should be prudent to wait for a bearish structure in the greenback.