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When asked about business debt, Bank of Canada (BoC) Deputy Governor Toni Gravelle said he hopes higher debt level will help businesses recover quickly and be able to repay debt incurred.

Regarding the mortgage market, “mortgage rates on new loans have started to decline as lenders can now readily access needed funding,” Gravelle added.

Market reaction

These comments had little to no impact on the CAD’s performance. As of writing, the USD/CAD pair, which slumped to a multi-month low of 1.3466 earlier in the day, was trading flat at 1.3495.