CIBC write that today's BoC...........>

DOLLAR-CANADA: CIBC write that today's BoC Governor Poloz speech will underline

the presumption that the BoC will likely prove cautious with regards to monetary

tightening, noting the bank will continue to monitor the impact of mortgage

regulatory changes. The Poloz speech is due at 1945BST with a press conference

at 2110BST.

-Today also sees the February GDP print, coming as January saw "unscheduled

maintenance shutdowns" in non-conventional oil extraction, this is expected to

rebound in February. CIBC expect a GDP rebound of 0.3% in the month, but note

that their unrounded models barely reach 0.3%, which risks an undershoot. With

growth in Q1 looking set to be tracking at around 1.7%, broadly in line with Q4

expect this to leave room for BoC patience.

-CIBC add that should the GDP rebound prove slower than median presumptions

expect another test towards 1.2900/10 in USD/CAD.