The governor of the Bank of Canada said Wednesday that monetary policy has become particularly data dependent due to unknowns surrounding inflation.

Speaking at a trade event Stephen Poloz said that the bank’s easing of monetary policy in 2015 has been effective in helping the economy adjust to lower oil prices.

On interest rates, the governor gave no clues as to when there might be another change.

“We need to keep updating our understanding of the economy in real time. There is no predetermined path for interest rates from here,” he said.

“Monetary policy will be particularly data dependent in these circumstances and, as always, we could still be surprised in either direction. We will continue to feel our way cautiously as we get closer to home, fostering economic growth and keeping our inflation target front and centre,” Mr Poloz concluded.

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