Although the Bank of Canada was keen to leave all options open to move forward, analysts at TD Securities no longer believe they are likely to cut rates in January.

the main points
"For the central bank, which was preoccupied with downside risks from global trade developments, this is significant and indicates growing confidence that the worst-case scenario will be avoided."

“The bank has always given a clear impression that they would prefer not to cut interest rates from these levels if they could help them at all - and with the upward revisions to GDP in late 2018 and early 2019, we believe the production gap is about 0.2 points. Previously ".

“We are still looking for a slowing economy next year (we expect 2020 GDP growth at 1.4-1.5%), so we expect the Bank of Canada to eventually have to cut interest rates - and the time frame for easing will extend a little later to a year. 2020. We are now looking to cut interest rates by 25 basis points in April 2020. ”