Rates unchanged. Bank holds overnight rate at 4.50% as it seeks more evidence that outlook has shifted materially. Statement acknowledges Q1 GDP and labour market strength but also points to weaker survey data, still-anchored inflation expectations, and states that growth is expected to slow to justify pause. Bank maintains forward guidance, leaving hikes on the table if outlook continues to strengthen. USD/CAD +0.40%.25 bps hike. Bank steps off the sidelines with hike to 4.
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