Wednesday’s Bank of Canada (BOC) decision was about as suspenseful as watching paint dry. Pretty much every forecaster, every market, and anyone who bothered to glance at the calendar knew a hold at 2.25% was coming. That made it the BOC’s fifth straight hold since January, with the policy rate unchanged since October. And yet, the Loonie still spiked, then gave it all back. To understand why, you have to look past the decision itself and focus on the macro squeeze the BOC is stuck in right now.