A hike is virtually a done deal
The market is almost-certain the Bank of Canada will hike rates on Wednesday. The OIS market is pricing in a 96% chance of higher rates. That's steadily risen since BOC Governor Poloz spoke on June 27 and the likelihood fell as low as 58%.
Assuming a hike, the intrigue will be in what the Bank of Canada signals going forward. Many analysts are talking about a dovish hike but market pricing leaves open the possibility of another hike before long.
The subsequent meeting is on September 5 and the market sees a 14% chance of a hike then, rising to 46% at the October 24 meeting.