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Together with the Bank of Canada Governor Tiff Macklem, Senior Deputy Governor Carolyn Wilkins also appeared before the parliamentary committee. The BOC policymaker marked her agreement with a 2% inflation target.

Additional comments turn down the odds of speculation in housing.

“The bounce back in real estate has been sharp and aggressive, driven by pent-up demand,” She said.

FX implications

USD/CAD extends pullback from 1.3020, currently around 1.3015, following the news. Though, inactivity in the US limits the pair’s reaction to the catalyst. It should, however, be noted that the risk tilts towards the south for the pair.

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