Analysts at Rabobank expect the Canadian central bank will leave the policy rate unchanged at 1.75% on Wednesday, April 24.

• CAD OIS implies almost no chance of either a hike or a cut at this meeting and only around a 20% chance of a 25bp cut by the end of the year.
• Although a more cautious tone was adopted at the last meeting, the door was left open for rate hikes. Rather than being dovish, we argue that the Bank has adopted a holding stance.
• We maintain the view that the BoC will not be able to raise rates again this cycle and instead we see the Bank cutting rates in 2020 Q2.
• This meeting will be accompanied by a new Monetary Policy Report (MPR) which we expect to reveal downward revisions to growth forecasts.