While recognizing that the Bank of Canada’s (BoC) policy rate was low at 1.75%, “there is still room to maneuver,” BoC’s Senior Deputy Governor Carolyn Wilkins told a business audience in Montreal on Tuesday.
“The global context has worsened, increasing the risk to global expansion and chances of financial stress that could spill over into Canada,” Wilkins added. “In the unlikely event of a storm, Canada’s financial system is resilient and we are in a good position to deal with whatever comes our way.”
The USD/CAD pair edged higher on these comments and was last seen trading at 1.3258, adding 0.4% on a daily basis.
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