According to Brown Brothers Harriman (BBH), the Bank of Canada has kept the policy rate unchanged at 2.25% for the second consecutive meeting, adopting a more cautious tone. BOC cautious on rate outlook"USD/CAD broke below its June 2025 low at 1.3540. Yesterday, the BOC left the policy rate unchanged at 2.25% for second straight meeting. The BOC also reiterated its on hold guidance noting that “the current policy rate remains appropriate.”""However, the BOC adopted a marginally more cautious tone. The BOC stressed that “uncertainty is heightened” vs. “uncertainty remains elevated” in December.