It was more of the same from the Bank of Canada, which left its benchmark interest rate unchanged at 1% today.
An unchanged rate means Governor Stephen Poloz does not believe the Canadian economy is strong enough to withstand higher interest rates, despite lingering concern about high consumer debt and rising housing prices.
Poloz is not scheduled to discuss his decision publicly on Wednesday, but the analysis accompanying his announcement notes that inflation is approaching the 2% target rate earlier than anticipated.
The loonie was down 0.29 of a cent to 91.37 cents U.S. as the central bank signaled it is in no rush to raise rates.
The benchmark overnight rate is used by retail banks to set rates for savers and borrowers, though the range of consumer rates may vary depending on bond yields.
The rate has been at 1% for more than three years, dating back to September 2010, the longest stretch of level rates in Canadian history.
Poloz is dealing with a mixed bag of economic results, including exports that have not yet picked up as quickly as anticipated and an unemployment rate of 7%, with evidence of many long-term unemployed.
In March, Poloz reiterated a growth rate of 2.5% this year for the Canadian economy, but told a business audience that slow growth is the new norm for developed economies.
Last month it noted only 1.2% GDP growth rate in the first quarter, but Poloz's note this morning attributed that to "severe weather and supply constraints."
