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A Few Tweaks On Friday


Bouncing Ahead of 200-DMA Support

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CANADA BOC: BOC maintains o/n rate target at 1.25% as expected. Says 
will 'take gradual approach' and remain data dependent. Overall tone 
more hawkish than Apr. Developments 'further reinforce' view that highr 
rate warranted (drops 'over time'). Drops 'some mon pol accommodation 
will still be needed'. To cont to assess econ capacity, econ sensitivity 
to rates. To look thru 'transitory' impact of gas prices on infl. Infl 
likely higher in near term than fcast on gas prices. Core infl 
consistent w/econ operating close to potential. Solid labr income grwth 
supports expectatn of hsg pick up. Hsg mkt continues to adjust to mtg 
rules, higher brrwng rates. 1Q activity appears 'a little stronger than 
projected'. Global econ on track with april MPR forecast. Some upside to 
US econ outlk, but ongoing uncertainty re trade dampening glob biz 
invstmnt. Data since Apr support outlk for 2% Canadian growth in 1H. 
Machinery,equipmnt imprts suggest cont'd invesmnt recovery. 

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