Analysts at TD Securities say they have changed their call and are now looking for the Bank of Canada (BoC) to cut rates just once in April 2020.

• “While the Canadian economy has thus far been resilient to global headwinds, we do not believe recent actions taken by the US and China to enough to meaningfully resolve the elevated level of trade uncertainty which should prompt the BoC to provide more stimulus to offset the impact of global headwinds.
• Underscoring the BoC's (relatively) constructive outlook is a healthy starting point; Q3 GDP growth was in line with BoC projections at 1.3%, although historical revisions imply less excess supply in the economy and the composition (domestic demand rose by 3.2%) was favourable.
• Core CPI remains target at 2.0% on average although further deterioration in the labour market will test the BoC's resolve.”