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 will deliver his remarks on the policy outlook and respond to questions from the press. Macklem's presser will start at 1500 GMT.

"Interest rates will need to rise further and the pace will be guided by the bank's assessment of the economy and inflation," the BOC noted in its policy statement.

Breaking: BOC hikes policy rate by 100 bps to 2.5%.