BoC is likely to keep its policy rate unchanged, as per the market consensus expectations, as there is good inflation and the decline in oil and commodity prices is compensated by the economic activity in non-resource sector.

Canada's central bank expects the exports and its consumer to support the economy, as lower capex in energy sector continues to depress the investment outlook.

"The loonie will be following the GDP reading and BoC's statement, with the reaction to the local employment report muted by NFP, but otherwise should keep tracking oil prices and the general dollar trend", says Barclays in a research note.