BoC March Meeting - Wed 3/9 - 10:00 AM ET
No change in rates is expected at the March BoC meeting. Incoming data and a recovery in commodity prices have been supportive to growth expectations. While the policy statement should retain cautious tone as Canada’s adjustment to the oil shock remains complex and uncertain, the BoC is unlikely to turn more dovish ahead of fiscal stimulus measures in the upcoming federal budget (announced 22 March). If anything, the statement is likely to read constructive, highlighting that the ongoing reorientation to non-resource activity remains in place and supported by solid US growth, a more competitive CAD and an incoming fiscal boost.
Market impact should be limited and CAD should remain supported.
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