CIBC Research previews the June BoC policy decision on Wednesday.

"The Bank of Canada will hold rates steady and continue to stress that trade and oil price uncertainty mean that there are risks for interest rate moves in both directions," CIBC notes.

"...This week’s statement and press conference is likely to continue to point to two-sided risk for interest rates. Higher oil prices and inflationary pressures could warrant interest rate hikes at some point, but the potential for higher tariffs if CUSMA negotiations don’t progress well could warrant further cuts. Investors should be wary of paying too much attention if the word “consecutive” is used again in reference to a potential rate hike scenario, because the Bank is also likely to suggest that nothing is imminent at this stage and that policymakers are more than happy to wait to see how these risks play out," CIBC adds.