Strongest hint yet from Poloz that the Bank of Canada is done cutting rates.

He also notes that oil prices are now very close to what was assumed in January.

The OIS market implies a 25% probability of a rate cut by September.

USD/CAD beginning to move lower in response, down to 1.2214.

More:

  • Poloz says he doesn't have a bias on interest rates
  • Canadian recovery should start in Q2
  • Inflation expectations well anchored
  • Quantitative easing helped avoid depression

As if it couldn't be more clear.