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.
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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.