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16 of 17 economists that took part in a Reuters poll said they expect the Bank of Canada (BoC) to taper asset purchases again in the next quarter.

Furthermore, the poll consensus revealed that the BoC is expected to hike its policy rate by a total of 25 basis points to 0.5% in the fourth quarter of 2022.  

56% of participants see it as a likely scenario that the BoC will start raising rates before the US Federal Reserve.  

Market reaction

The USD/CAD pair showed no immediate reaction to this poll and was last seen losing 0.2% on the day at 1.2048.