The Bank of Canada (BoC) left its benchmark interest rates unchanged at 1.75 percent on Wednesday, as widely expected.

In its policy statement, the Canadian central bank notes that the country’s recent economic data are in line with the projections in its April Monetary Policy Report (MPR) and have reinforced Governing Council’s view that the slowdown in late 2018 and early 2019 was temporary. In this context, the degree of accommodation being provided by the current policy interest rate remains appropriate, the BoC added. It also promises to remain data-dependent and especially attentive to developments in household spending, oil markets and the global trade environment.