CIBC Research discusses its expectations for BoC July policy meeting.

"In Canada, all eyes will be on the Bank of Canada, which will release a new set of forecasts alongside a likely neutral statement. The Bank will have to acknowledge the weaker external environment since the last set of projections, but will also be able point to a domestic economy which has rebounded more sharply than their prior outlook. While not a stunner for markets, the tone will tend to be a bit more optimistic than what markets are now assuming. We’ll need to see disappointments in growth towards year end and a firming of the Canadian dollar to swing the Bank into a view that matches market expectations for a small 2020 ease," CIBC adds.