Bank of Canada Governor Tiff Macklem said on Monday that the BoC was currently focused on bringing inflation back down to target without choking off Canada's economic recovery, in a post-Framework Review speech alongside Canadian Finance Minister Chrystia Freeland. We are not in a situation right now where we could probe for maximum sustainable employment, added Macklem. 

Market Reaction

USD/CAD has pulled back from highs in recent trade but continues to trade to the north of the 1.2800 level, having seemingly not taken much notice of Macklem's remarks.