FXStreet (Córdoba) - Today the Bank of Canada (BoC), as expected, left the interest rate unchanged at 0.50%. James Knightley, Senior Economist at ING, thinks that the next move of the BoC will be a rate hike, most likely during the second half of 2016. Key Quotes: “The Bank of Canada left monetary policy unchanged with the target for the overnight rate kept at 0.5%. In terms of the accompanying statement, the BoC are a little more pessimistic on the growth outlook, citing China as an ongoing external risk, which in turn feeds through into weakness in the resource sector that is weighing on domestic investment spending.” “Consequently, after expanding 1% this year (despite a technical recession in 1H15), the economy is expected to grow 2% in 2016 (previously forecast as 2.3%) and 2.5% in 2017 (previously 2.6%).” “The Bank highlight the fact that core inflation is close to 2% as CAD depreciation effects offset the disinflationary pressures from economic slack. As such, there doesn’t seem any particularly strong appetite for further policy easing.” “With energy prices appearing to have stabilised and some of the global growth concerns abating we still think the next move in the BoC policy rate will be a hike, most likely in 2H16.” For more information, read our latest forex news.