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In a Q&A session following his  speech to a  business audience in Halifax, Nova Scotia, Bank of Canada (BoC) Deputy Governor Lawrence Schembri said that interest rates are going to remain relatively low and stable. “The bank can reduce interest rates to a negative number if need be, that would be an extreme situation,” Schembri stated.

Schembri further added that the BoC was currently reviewing its tool kit to address the next downturn and noted that they were paying close attention to commodity prices.

These comments don’t seem to be having a significant impact on the Loonie. As of writing, the USD/CAD pair was up 0.15% on a daily basis at 1.3245.