Reuters Poll: Bank of Canada expected to raise rates to 0.50% in Q4 2022

All 34 economists that took part in a recently conducted Reuters poll said that they expect the Bank of Canada (BoC) to leave its policy rate unchanged at the September 8 meeting.

Further details of the survey revealed that the median view was for the BoC to raise its policy rate to 0.5% in the fourth quarter of 2022.

Additionally, 15 of 18 economists noted that they don't see the outcome of the September 20 election to have a material impact on Canada's economic outlook.

Market reaction

The USD/CAD pair showed no immediate reaction to this poll and was last seen rising 0.25% on a daily basis at 1.2555.