US dollar index (DXY) touched 102, up 0.16% on the day.

Central 1 Credit Union says the BOC may raise rates only twice in this cycle, with the first hike likely delayed until early next year — materially less aggressive than current market pricing. Economist Bryan Yu cites high uncertainty from sharply higher US Treasury and Canadian government bond yields, tariff shocks and oil-price volatility. He notes core inflation remains near 2%, trade uncertainty could slow growth into late‑2026, and higher yields may curb a housing rebound, limiting the case and room for further BOC tightening.

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