Analysts TD Securities expect the Bank of Canada (BoC) to leave its policy rate unchanged at 5% on Wednesday.

Most of CAD interest will play through the crosses

"We look for the Bank of Canada to keep the overnight rate at 5.00% as slowing activity data and moderating labour markets allow the Bank to look past stronger CPI. We do not expect any material change to the Bank's guidance as they will keep hikes on the table going forward."

"We don’t expect the BoC to generate many fireworks. Most of the CAD interest will play through the crosses, where we are short GBPCAD. Still, we favour fading rallies in USDCAD."