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Analysts at Rabobank are expecting the BoC to leave the policy rate unchanged at 1.75% on Wednesday, 24th April as unanimously expected by the 21 analysts surveyed by Bloomberg.

Key Quotes

“CAD OIS implies almost no chance of either a hike or a cut at this meeting and only around a 20% chance of a 25bp cut by the end of the year.”

“Although a more cautious tone was adopted at the last meeting, the door was left open for rate hikes. Rather than being dovish, we argue that the Bank has adopted a holding stance.”

“We maintain the view that the BoC will not be able to raise rates again this cycle and instead we see the Bank cutting rates in 2020 Q2.”

“This meeting will be accompanied by a new Monetary Policy Report (MPR) which we expect to reveal downward revisions to growth forecasts.”