BoC's Hold — What it means for the Loonie

Interesting to see the Bank of Canada maintain their overnight rate at 5.0% this morning. The market largely expected it, but the commentary around stubborn inflation and the 'wait-and-see' approach still gives me pause for the Loonie. We've seen $CADCHF bouncing around the 0.58 handle, currently at 0.58037, pushing higher on the day. My gut says the 'higher for longer' narrative, even if it's just implied for a bit longer in Canada, might keep some bids under the CAD. On the flip side, if we see any cracks in the upcoming jobs data, that could easily pull it back below that psychological 0.58 level. Watching for any follow-through; it's a game of chicken between the central bank and the data, as always.