BoC's Lane: A further rate cut would not be advisable

Bank of Canada (BoC) Deputy Governor Timothy Lane on Wednesday reiterated that the BoC doesn't think that a further rate cut would be advisable.

"While we never say never, the BoC's decision is not to cut rates again," Lane added. When asked whether Canada's credit rating could suffer because of extra government spending, Lane noted that this was not a major concern at this time.

Market reaction

The USD/CAD pair largely ignored these remarks and continues to consolidate its daily losses. As of writing, the pair was down 0.4% on the day at 1.3885.