According to CoinMeta, an analyst from Mitsubishi UFJ Bank, Derek Halpenny, stated in a report that even if the Bank of Canada raises interest rates as signaled by Governor MacLemore earlier, the upside for the Canadian dollar is limited. Currently, the market expects a 76% probability of a 25-basis-point rate hike by the Bank of Canada, which means that if such a hike is ultimately announced, it could still bring a certain “surprise” to the market. However, he believes that the signals released by MacLemore are unlikely to convince the market to firmly believe that the Bank of Canada will enter a long-term period of interest rate hikes in the future. At present, market pricing indicates a cumulative 100-basis-point hike by next September. He also noted that market participants will remain cautious until the Federal Reserve announces its interest rate decision.