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In an interview with the Wall Street Journal, Bank of Canada (BoC) Governor  Tiff Macklem said that tapering is the right move for the Canadian economy, as reported by Reuters.

Macklem further noted that the economy still needs a “considerable amount of monetary support” and added that  he is comfortable with pulling back extraordinary stimulus extended during pandemic because of domestic economy’s resilience.

Market reaction

The USD/CAD pair edged modestly higher after these comments and was last seen gaining 0.14% on a daily basis at 1.2082.