The data aren't providing any reason for the Bank of Canada to pause. The risks are on the upside for rate increases. Investors are going to sell bonds.

There's little market reaction I think for two things. First, the strength was anticipated to some extent. Second, the market is very tightly focused on what the Bank of Canada is doing this afternoon.

The strength of today's report certainly will not be lost on the Bank of Canada ... as a result, we still believe the odds favor another rate hike from the bank in April.

In our view, there is still is every reason for the Bank of Canada to continue to nudge its rate higher, and we are not changing our call for a four per cent (overnight) rate by April.