When the Bank raised the overnight rate target by 25 basis points to 4.25% on May 24, it seemed to be for the last time (after seven such raises since last September), barring a significant change in the data:

BoC Press release: …[T]he target for the overnight rate is now at a level that is expected to
keep the Canadian economy on the base-case path projected in the April Monetary Policy Report (MPR) and to return inflation to the 2 per cent target.

There doesn’t seem to be any strong reason to think that the Bank has seen anything that would warrant deviating from this conclusion: inflation is still in the middle of the Bank’s target range. Moreover, strong employment growth has been accompanied by high levels of fixed business investment. Even though the Bank’s official indicators  suggest that output is at or above capacity, my feeling is that those measures overstate what inflationary pressures might be out there. And then there’s the fact that the Bank has not been hinting about  wanting to revisit the wording in the May 24 statement.

This time, the Bank will not follow the Fed’s lead. Nor do I see a reason why it should.