BoC's Macklem says risks to global growth are greater than normal, and are tilted to the downside

• They are worried about a shock to markets that leads to a spike in interest rate volatility.
• US and Israel attacks on Iran have increased volatility in energy and financial markets. 

The BoC's Governor Macklem is signaling heightened concerns about global growth risks, particularly focusing on potential shocks that could lead to increased interest rate volatility. This dovish tone suggests that market participants might anticipate a more cautious approach from the BoC, particularly with the geopolitical tensions surrounding the US and Israel's actions affecting market stability, which could influence rate expectations and CAD movements.