"The WTI oil price is US$47/bbl as this goes to print,US$13/bbl below the July MPR expectation of US$60/bbl.
Global growth has been tepid, weighing on broader commodity prices.
Near-term US GDP data have been weak, with 3Q GDP growth now tracking 1.3% annualized.
Thus, the BoC's policy statement will likely be a balancing act: squaring up near-term positive data and expectations for improvement, with global uncertainty and signs of ample slack.
The BoC will likely continue to emphasize the "complex adjustment" that the Canadian economy faces, resulting in an uncertain outlook ahead."
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