Macklem speech: Timing of any further interest rate cuts will depend on data

Tiff Macklem, Governor of the Bank of Canada (BoC), explains the BoC decision to lower the interest rate by 25 basis points to 4.75% after the June policy meeting and responds to questions from the press.

Key quotes

"We're going to be taking decisions one meeting at a time."

"Timing of any further interest rate cuts will depend on data."

"The work is not done."

"Path of any future interest rate cuts likely to be gradual."

Market reaction

USD/CAD continues to trade in positive territory above 1.3700 following these comments.