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Analysts at Rabobank are expecting the Bank of Canada to leave the policy rate unchanged at 1.75% on 29th May.

Key Quotes

“This is unanimously expected by the 21 analysts surveyed by Bloomberg (including ourselves) and CAD OIS implies almost no chance of a move in either direction at the May meeting.”

“Although a more cautious tone has been adopted by the Bank, 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.”