Richard Franulovich, Research Analyst at Westpac, suggests that the BoC Gov Poloz was not as bullish as hoped, especially when he noted the Bank would have had an easing bias if not for the fiscal measures. Key Quotes “But there’s no denying the more upbeat threads - the BoC upped their 2016 GDP forecast and noted the output gap is set to close sooner, thanks to the strong start to 2016 for growth and fiscal stimulus. In contrast, the RBA might trim its growth forecasts in the May policy statement. The outlook for oil appears to be much more secure than it is for iron ore too. Iron ore is set to witness large capacity add-ons this year. Cutbacks, if any, are mainly among smaller producers. One is hard pressed on the other hand to find any major additions to oil supply in 2016 and the lifecycle of an oil well is that much shorter than an iron ore mine. Shorting AUD/CAD, as we argued last week has plenty of appeal in coming weeks and months.” For more information, read our latest forex news.