Canada's central bank said its forecasts could be thrown off significantly if there is a second wave of novel coronavirus pandemic.

The central banks said its board of directors has begun the search for his successor.

Fewer loans being renewed every year could be beneficial to both homeowners and the broader financial system, the central bank governor said.

Despite uncertainty about U.S. trade policy, Canada's central bank is still thinking of raising rates in a not-so-distant future.

In a speech today, governor Stephen Poloz says many unknowns and external risks remain, even though the economy had a surprisingly powerful start to the year.

The move raises borrowing costs for Canadians on anything from mortgages to lines of credit.

Strong economic growth could prompt a second hike sooner than expected, some economists say.