The commodity play is a big part of the story there.

The manufacturing sector continued to struggle. And in light of the sour business conditions survey ... that trend appears likely to continue.

I don't think this is going to cause the Bank of Canada to differ in its ways. We still think 4 percent (overnight rate) is the likely peak for them.

I don't think there has been much of an impact at all from the election because, certainly a minority was expected, a minority was the outcome.

Clearly, many of these automakers are encountering pretty substantial troubles and I think it is going to be a tough time for both the workers and the companies going forward - we'll just have to see how rough it is.

Inflation isn't out of hand anyway in Canada. The market may think the Bank of Canada will move less aggressively. It will be a surprise if the bank moves beyond 4 percent.

The Canadian dollar has gone through the roof.

The Canadian economy is alive and well and will continue to grow. This will be near-term positive for the Canadian dollar.

The intent of that, in my view, is to say they are very cautious about looking forward. A rate hike should not be expected in the same vein that one was expected for today.

The Bank of Canada may look closely at this number and sit up and think whether they should go further. There is a probability they may go beyond 4 percent.