BoC is widely expected to stand fast - BBH

Today's North American session features the Bank of Canada meeting and is widely expected to stand fast after hiking rates at the start of the year, according to analysts at BBH.  

Key Quotes

“The probability of a rate cut has been trimmed but it is near 40% for April and more than 50% by May.  Although Canada's largest trading partner the US is enjoying above trend growth, and is providing additional fiscal support, the positive impulses are offset by the protectionist actions, steel, aluminum, and risks that NAFTA dissolves.  The Canadian dollar has depreciated by nearly 5.5% on a trade-weighted basis since the end of January.   Earlier in the week, we recommended looking Canada to soon outperform Mexico.  A potentially important upside reversal (for Canada) appears to have taken place yesterday.”