The Conference Board of Canada has given its reaction to the unsurprising move by the Bank of Canada to keep interest rates on hold.

Key points of the BoC’s announcement was that it was not concerned about an uptick in inflation which it considers temporary; and that it expects growth for the fourth quarter of 2016 to be stronger than it had expected. GDP data will be released Thursday.

The Conference Board’s senior vice-president and chief economist Craig Alexander noted that the BoC was dovish, especially on expectation for the loonie.

“The implication is that monetary policy should remain unchanged this year, but bond yields could edge higher as U.S. yields rise and the Canadian dollar is likely to weaken,” Alexander explained.

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