Bank of Canada Deputy Governor Toni Gravelle said on Thursday that concerns about upside inflation risks are heightened much more than usual. We are likely to react a little bit more readily to the upside risk given it's already above our inflation-control range, Gravelle added. For reference, the bank's inflation-control range is 1.0%-3.0%. 

Market Reaction

The comments come in wake of remarks from Gravelle earlier in the session. His comments are hawkish-leaning (hinting at a proactive BoC response to upside inflation risks), but the loonie does not seem to have reacted.