Comments from BOC Deputy Schembri:
– Risk stemming for the housing market have been well managed by macroprodential policies
– Policies that address structural weakness in regulation are best suited for mitigating housing risks
USD/CAD was at a fresh 11-year high of 1.3316 ahead of the text but there was no reaction to the headlines. The pair is up almost 200 pips from today’s European lows and oil is up 3%.