If the bank does indeed raise rates, they are likely to sound very cautious about future rate moves, with the press release likely to highlight the many risks to the economy.
The overwhelming view is that the bank will continue to raise interest rates, despite the latest strength in the Canadian dollar.
The deepening slide in manufacturing is notable, although solid gains in other areas continue to pick up the slack. The moderation in wage growth will be welcome by the Bank of Canada.
These together will probably increase consumer spending and at the margin . . . it will put a bit of upward pressure on growth and could potentially put that much more pressure on the Bank of Canada to raise interest rates.
Canada's dollar still has a lot of supporters out there. The economy is performing very well and the central bank may go further.