Governor Poloz made some behind the scenes comments at the Canadian Association of Business Economists last night according to analysts at TD Securities.

The main takeaways appear to be continuing concern over sluggish growth and the increasing share of part time workers in the overall work-force and what these mean for income growth.  He was also keen to emphasize the Bank’s independence in regards to the Fed and that just because the Fed might be starting to think about raising rates don’t expect the Bank of Canada to necessarily follow suit.

This should help keep a floor under USDCAD and lead to longer term CAD weakness.