08:10 AM EDT, 03/19/2026 (MT Newswires) -- The Bank of Canada left rates on hold at 2.25% on Wednesday, but tweaked the statement in a nod to the hawkish repricing of inflation and the implied policy outlook, said Societe Generale.

The BoC left out the wording that the policy rate is appropriate, wrote the bank in commentary.

The BoC will revise its Monetary Policy Report forecasts at the next meeting in April.

Money markets price in one BoC rate hike by October, stated SocGen. The policy rate is at the lower end of the neutral range and gives the central bank leeway to tighten if necessary and oil prices don't normalize quickly, provided the economy and risk assets hold up.

USD/CAD continues to trade with an upward bias, the 200 daily moving average is situated at 1.38, according to the bank.