Bank of Canada Deputy Wilkins speaks at 12:45 GMT (8:45 am ET) Update: She's running late
The recent trade and capex numbers undermine the idea that non-resource exports will pick up the slack in the Canadian economy from the commodity collapse.
That's the big question the Bank of Canada is dealing with and Senior Deputy Governor Carolyn Wilkins is speaking in Montreal today. If she doesn't address it in the speech, she may be asked about it, or the outlook for monetary policy in the panel discussion that follows.
USD/CAD made strong gains last week on the combination of USD strength and oilsands production shutdowns because of the Alberta fire. The pair has turned lower today with crude slightly higher, the US dollar soft and talk of production restarts.
In appearances in late April Poloz began to take a more cautious tone on the recovery and the BOC will have surely noticed the dovishness from his commodity counterparts in Australia and New Zealand.
