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.

The bank said the reasoning behind sticking with the rate is due to the shift in the direction of US trade policy and the unpredictability of tariffs.

Canadian growth has weakened and inflation remains around the 2 percent target.

Financial markets have been roiled by tariff announcements, postponements and continued threats of escalation. This extreme market volatility is adding to the uncertainty.