Tiff Macklem, Governor of the Bank of Canada (BoC), explains the BoC decision to lower the interest rate by 25 basis points to 4.75% after the June policy meeting and responds to questions from the press.

Key quotes

"We don't need to move lock and step with the Federal Reserve."

"There are limits to how far we can diverge from the US and we are not close to those limits."

"So far, it is looking like a soft landing for the economy."

"There is room for the economy to grow faster than potential for a period."

Market reaction

USD/CAD continues to trade in positive territory at around 1.3720 following these comments.