Bank of Canada statement due at 10 am ET (1500 GMT)
Stephen Poloz and the Bank of Canada are wholly expected to maintain interest rates at 0.50% at today's decision.
The BOC has taken a neutral stance and the key line in the statement reads: "The Bank judges that the risks around the inflation profile are roughly balanced."
The key to that outlook is a pickup in non-resource exports because of the soft loonie but the latest GDP data showed no growth in those areas.
"In non-resource sectors, the looked-for signs of strength are more evident, supported by the stimulative effects of previous monetary policy actions and past depreciation of the Canadian dollar," the Oct 21 statement said.
If that's toned down, it could hurt the Canadian dollar.
Carefully watch the timeline for a return to full capacity in the economy. It's currently forecast for mid-2017. Later is CAD negative, earlier is CAD positive but a change is unlikely.
Note that this is a vanilla statement, there is no press conference nor fresh economic projections.
Technically, USD/CAD is facing resistance from spike highs at 1.3436 and 1.3457. If those break, it's onto 1.3500 and then it's all about oil.
