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The BoC meets this morning and despite Poloz’s anti-guidance and rapidly shifting expectations of a rate hike, the market universally looks for a hike today, suggests the research team at TD Securities.

Key Quotes

“In the context of global trade tensions and the weakening macro story in Canada, we doubt the hike will do the loonie any favors. We think much of the good news is priced in and don’t see the Bank hiking again this year, leaving us long USDCAD into the meeting.”