BoC to hike soon after Fed?

With Canada's core inflation rate of 2.4% (yoy in July), i.e. at the upper end of the central bank's target corridor of 1%-3%, one should expect the BoC not to be too far behind Fed when it comes to a normalization of interest rates. 

"Of course that would only apply if the important factors for Canadian inflation (falling commodity prices on the one hand, a weaker Canadian dollar on the other hand) continued to counterbalance each other in such a way that inflation remains where it is", says Commerzbank. 

Canada's inflation data should provide the first insight into this.