Tiff Macklem, Governor of the Bank of Canada (BoC), explains the BoC decision to lower the interest rate by 25 basis points to 4.75% after the June policy meeting and responds to questions from the press.

Key quotes

"We're going to be taking decisions one meeting at a time."

"Timing of any further interest rate cuts will depend on data."

"The work is not done."

"Path of any future interest rate cuts likely to be gradual."

Market reaction

USD/CAD continues to trade in positive territory above 1.3700 following these comments.