TD Securities' analysts point out that the Bank of Canada's (BoC) senior Deputy Governor Wilkins will deliver an economic progress report at 14:15 ET to provide additional context to Wednesday's policy statement.

• “Her speech will be followed by an audience Q&A with a formal press conference scheduled to follow at approximately 15:50 ET.
• On the data front, the market looks for the current account deficit to widen to roughly $17.9bn in Q1 due to a deterioration in the merchandise trade balance, while CFIB Small Business Optimism for May and SEPH (payrolls) employment for March will round out the calendar. The LFS reported that 13k jobs were lost in March (excluding self-employed) although we would note that ADP, which is designed to replicate SEPH, reported job growth of 76k for the same month.”