BOC's previous governor Carney had often raised concerns about the high level of household indebtedness and its ill effects on domestic spending. Current governor Poloz has also raised the issue on a few occasions. We think that this crucial element will keep the central bank from raising rates in the near future. How we hate to define immediate, but, everything else being equal, we would say that the current policy will be maintained at least through mid 2015, irrespective of what happens south of the border. Actually even better if the economic differential favors the US: higher bond yields there and lower bond yields here would lower the loonie and favor a pick up in exports and a touch of inflation.