Governor Tiff Macklem is expected to stop hiking interest rates after this month’s meeting or in January. Read more.
In the U.S., short-term money markets are betting that Chairman Jerome Powell will raise the Fed funds rate to between 4.75 per cent and five per cent.
“The only reason that the Bank of Canada would be worried about diverging from the Fed would be the currency reaction,” Royce Mendes, head of macro strategy at Desjardins Capital Markets, said by email. “Given that there is already a material divergence priced into markets, the exchange rate should already have taken that into account.”
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