- "The bank's assessment is that the impact of the oil price shock will be more front-loaded than predicted in January, but not larger," says the Bank of Canada as it holds its policy rate steady at 0.75%.
- For 2015, the BoC cut its GDP growth estimate to 1.9% from 2.1%, but 2016 is boosted to 2.5% from 2.4%.
- Some economists have been expecting another rate cut later this year, but the vibe from this statement says the bank is somewhat more optimistic than it was just a few weeks ago.
- The loonie (NYSEARCA:FXC) is up nearly 1% following the news, now buying $0.8085. Stocks in Toronto are higher by 0.75%.
- ETFs: EWC, CNDA, EWCS, QCAN, FCAN