We still expect BoC to hike in the first quarter - ING

"Wage growth failed to pick up in December, which coupled with other global risk factors, means the Bank of Canada is likely to side with caution and push back the next rate hike until March," argue ING analysts.

Key quotes

"A rate hike later in the first quarter (in March) still could be on the cards, unless the risk environment worsens further. This would allow policymakers a bit more time to evaluate the impact of lower energy prices on growth, as well as whether business investment and wage growth have begun to perform more strongly."

"Either way, with core inflation measures still sitting around the 2% target and unemployment at a 40-year low, we still expect to see at least two further Bank of Canada rate hikes this year."