Bank of Canada senior deputy governor Carolyn Rogers says bank has seen early signs monetary policy is working.

''We're not where we were in July, but we're a long way from where we need to be.''

''The bank still sees a path to a stop to a soft landing, that's still our objective's.''

''Neutral territory is a range, it's an estimate, there is no magic formula.''

Asked if outsize rate hikes can still be expected, we continue to say that we think front loading is the best way to deal with the underlying causes of inflation.

The speech by Senior Deputy Governor Carolyn Rogers comes one day after the BoC hiked its benchmark interest rate to a 14-year high of 3.25%.

The Canadian dollar was rising to 1.3080 to the greenback. On Wednesday, the currency touched its weakest intraday level in nearly eight weeks at 1.3208.