The BoC kicked the door wide open for a July hike - NBF

"As widely expected, the Bank of Canada left the overnight rate unchanged at 1.25% today," notes the research team at NBF.

Key quotes

"The statement is generally more upbeat about the economy than prior communications. Gone is the reference to labour market slack, with the central bank now emphasizing expectations that solid labour income growth will support housing activity and consumption going forward."

"By acknowledging recent data further reinforced its view that higher rates will be warranted, the Bank of Canada kicked the door wide open for a July hike, something that should materialize assuming no major deterioration in the Canada-U.S. trade relationship and in the global economic outlook."