Eric Lascelles says that, with the weaker loonie still not boosting exports enough and the oil price staying low, there may be further action required, but that a lot depends on the capital expenditure of energy companies.
He also sees a 25 per cent chance of a recession. The Bank of Canada will be announcing its next interest rate decision on July 15.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
The chief economist of Royal Bank of Canada’s asset management division says there is a 35 per cent chance that the BoC will make a further cut in interest rates in the coming months.