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Bank of Canada Governor Stephen Poloz noted the economic growth will likely mitigate in the succeeding months, although it will remain above potential.
Poloz said Wednesday that Canada had experienced over six months of pretty stable, and in fact in the first three months, really firm growth. He added data showed the nation is absorbing excess capacity created during the crisis and then formed again in the wake of a downturn in crude prices some years ago.
He mentioned interest rate cuts did its job. Canada recorded 3.7% annualized economic expansion in the first quarter of this year.
However, Poloz reiterated the upcoming renegotiation of the NAFTA is a potential headwind, although it is challenging to quantify the risks coming from it.
He refused to disclose their next moves but stated the BOC has been trailing a separate path from the Federal Reserve especially over the last couple of years.
