Macklem expressed concern about the strengthening Canadian dollar, saying it was hurting Canada's exports in the crucial U.S. market.

The central bank's most recent economic forecasts were based on having a vaccine becoming widely available in 2022, not by next year as now appears the case.

The comments from an online panel Wednesday are a turnaround from late February, just before the pandemic struck.

Canada's central bank will make an announcement today on its key interest rate and detail the impact of COVID-19 on the national economy.