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During the aftermath of FOMC, Bank of Canada (BOC) Governor Stephen Poloz appeared for testimony in front of the Standing Senate Committee on Banking, Trade, and Commerce.

The Canadian central banker reiterated his previous remarks (to the lower house committee) that the bank’s future moves depend upon incoming data. Some of the comments that seemed important for markets were:

  • Interest rates are at “very low” levels.
  • They’ll  rise if headwinds impacting the Canadian economy dissipate.
  • Personal debt is at high levels.
  • Thus the economy is more sensitive to interest rates than before.

The USD/CAD pair gave little reaction to his statements as it seems that the Loonie traders were already tired after the Fed’s Powell fuelled global markets and also because nothing new and/or significant was mentioned by the BOC’s Poloz.