Following the Bank of Canada's (BOC) decision to hike the policy rate by 100 basis points to 2.5% in July, Governor Tiff Macklem is delivering his remarks on the policy outlook and responding to questions from the press.

Key takeaways

"There are good reasons a soft landing is achievable."

"High commodity prices not affecting Canada as much as many other countries."

Meanwhile, Senior Deputy Governor Carolyn Rogers argued that part of restoring the balance of supply and demand in the economy depends on restoring the balance in the housing market.

Market reaction

USD/CAD continues to push lower on these comments and was last seen losing 0.6% on the day at 1.2944.