The Canada Monetary Policy report was largely on the neutral side.  However, Carney warns about expecting cuts in the future.  The Canadian dollar has got a bid to it as a result (USDCAD declines):

• U.S. GROWTH TO PICK UP GRADUALLY THROUGH 2009
• U.S. WOES HAVE DIRECT CONSEQUENCES FOR CANADA
• BUSINESS INVESTMENT, CONSUMER SPENDING MODERATING
• CANADA PREDICTS TIGHT CREDIT CONDITIONS UNTIL 2010
• CREDIT SHORTAGES TO BEGIN TO DISSIPATE IN 2009
• ECONOMY IN EXCESS SUPPLY IN Q2, BALANCE BY MID-`10
• CREDIT MORE AVAILABLE IN CANADA THAN OTHER MARKETS
• CANADA SAYS TRADE WILL SHAVE 2.4% OFF `08 GDP GROWTH
• CANADA ECONOMY JUST ABOVE CAPACITY LAST QUARTER
• CORE, TOTAL CPI REACHING 2% IN `10; RISKS BALANCED
• CANADA CUTS `09 GROWTH FORECAST TO 2.4% FROM 2.8%
• INFLATION BELOW TARGET IN `08 ON CAR PRICES
• UNDERLYING TREND OF INFLATION IS ABOUT 2%
• CANADA FORECASTS ECONOMIC GROWTH OF 3.3% IN 2010
• GROWTH TO DECLINE MARGINALLY IN 1ST HALF `08
• CANADA SLASHES Q2 GROWTH FORECAST TO 0.3% FROM 2%
• CANADA CUTS `08 GROWTH FORECAST TO 1.4% FROM 1.8%
•  SAYS DOMESTIC DEMAND TO STAY KEY SOURCE OF CANADA GROWTH
• PREDICTS DEEPER AND MORE PROTRACTED SLOWDOWN IN U.S.