On Wednesday, the Bank of Canada maintained its target for the overnight rate at 2.75 percent, with the Bank Rate at 3 percent and the deposit rate at 2.70 percent.

While some tariffs have been decreased, tariff rates are well above their levels at the beginning of 2025, and new trade actions are still being threatened.

Economic growth in the first quarter came in at 2.2 percent, slightly stronger than the Bank had forecast.

Unemployment has risen to 6.9 percent.