Speaking in New York, Poloz said that the January cut of 0.25 per cent seems to have done the job the bank wanted: insuring against the oil price slide.
With oil prices holding more steadily for now, it is looking unlikely that there will be a reduction from the 0.75 per cent current rate.
The governor also said he expected a bounce back in the economy in the second quarter after a weak start to the year.
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Bank of Canada governor Stephen Poloz has given a strong hint that there will be no further interest rate cut in the near future.