"Inflation is too high around the world, rapid increases in interest rates are raising the costs of servicing debt," Bank of Canada (BOC) Governor Tiff Macklem said on Monday, as reported by Reuters.

Macklem further noted that lower-income households will be disproportionately affected by the slowdown in economic activity that is needed to rebalance demand and supply.

Market reaction

These comments don't seem to be having an impact on USDCAD's action. As of writing, the pair was trading at 1.3275, where it was up 0.15% on a daily basis.