No signals on future policy from BOC

Since there is no press conference or Monetary Policy Report, the policy statement will be the only communication tool for the BoC to convey any shifts in stance. There will not likely be much new information to chew on. 

Although the BoC may see the probability of a future ease more likely than a future hike, they likely won't provide any directional hints, given the Governor's aversion to forward guidance. Although the BoC will likely cite signs that growth is progressing in line with their expectations, global growth uncertainty and downward commodity price pressure shouldbe cited as potential risks. 

"As a mild offset, the CAD depreciation, which in part may have supported by a healthy increase in non-energy export volumes should be cited as a benefit. But the tone on these two offsetting forces should be neutral as it's still too early to tell the ultimate fallout", says Bank of America.