Canada's Carney justifies surprise hold

The Bank of Canada decided to leave rates on hold earlier this month, rather than cutting as expected, after upside risks to the inflation outlook emerged.

The central bank indicated in April that it would cut in June. However, it shocked markets by deciding to keep rates on hold.

Mark Carney, the governor of the central bank, on Thursday said that a number of global economic developments in the period between the April and June decisions justified the policy shift.

Carney noted that commodity