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A PIMCO piece on the Bank of Canada. The Bank has hastened its hiking cycle due to:

    above-target inflation,
    higher commodity prices,
    and concerns about financial stability


And adds that at the mid-April meeting:

    Bank of Canada signalled more hikes to come, and announced plans to reduce its balance sheet


PIMCO says that:

    Buoyed by strong commodity prices, above-trend growth and inflation, a closed output gap, and an expected lag before higher rates affect consumers, BOC officials likely believe the economy can weather a faster hiking cycle.
    The Canadian economy should also benefit from further reopening tailwinds this year.
    The inflation surge in March suggests a hike of 50 bps may come at the BOC's next meeting on 1 June. However, relative to some other DM central banks, such as the Federal Reserve, the BOC likely faces higher interest rate sensitivity and more modest underlying inflationary pressures - meaning the BOC may ultimately deliver less tightening.


Info via this piece here, more detail at that link if oyu wish. 

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