BoC's Macklem: Will take CAD's level into account when assessing how much stimulus needed

"The Canadian dollar has appreciated less against the US dollar in the past month than other currencies," Bank of Canada Governor Tiff Macklem noted on Thursday. Macklem further added that they will take CAD's exchange rate into account when assessing how much stimulus is needed.

Additional takeaways

"QE will be calibrated or adjusted to deliver stimulus needed to support recovery and get inflation back to target."

"Will assess what and how much to buy in QE program going forward."

"QE buying could be more or could be less going forward."

"Pace of housing activity growth expected to moderate going forward as pent up demand is worked off."

"It's premature to start talking about exit from stimulus programs."

Market reaction

The USD/CAD pair clings to strong daily gains near 1.3180 after these comments.