BoC's Macklem: BoC expects more coronavirus outbreaks as economy reopens

The Bank of Canada (BoC) expects more coronavirus outbreaks as the economy reopens, BoC Governor Tiff Macklem said on Monday and added that containment will be the key.

Additional takeaways

"We could use a little more international cooperation going forward to respond to coronavirus crisis."

"We are watching real estate markets closely, different parts expected to be impacted in different ways."

"Societies around the world having trouble keeping up with the rapid pace of change."

"Broad-based containment will be a very large set-back if needed to contain future waves."

"We must respond quick and in a targeted manner to contain possible future outbreaks of coronavirus."

"It is going to be a long, slow recovery. There will be setbacks."

Market reaction

The USD/CAD continues to inch lower in the American trading hours and was last seen losing 0.45% on the day at 1.3542.