Bank of Canada Governor Stephen Poloz will share his latest read on the Canadian economy this morning. The central bank has kept its key lending rate on hold since October following some data showing a slowdown in Canada’s economy. Poloz is expected to send stronger signals this trend will continue, but has been hesitant to fully abandon the idea that his next step is still likely a rate hike.  

TSX, S&P 500 AND NASDAQ RALLY TO RECORD CLOSING HIGHS

North American markets may be under pressure today following record closes from the TSX, S&P 500 and NASDAQ. U.S. futures are pointing to a flat open as investors gear up for another busy day for corporate earnings. Before the bell, we’ll get reports from Boeing, Caterpillar and AT&T, while the focus after hours will shift to tech heavyweights Microsoft, Facebook and Amazon.

CENOVUS BENEFITS FROM HIGHER CANADIAN CRUDE PRICES

The first of Canada’s major crude producers is out with first-quarter earnings. Cenovus Energy is reporting positive cash flow of more than $430M compared to a cash drain for the same period a year ago. The company credits Alberta’s temporary oil production cuts for having an immediate and positive impact for the industry.

MANGROVE SUES TRANSALTA IN BID TO STOP $750M DEAL WITH BROOKFIELD

New York-based Mangrove Partners has launched a lawsuit against TransAlta Corp. in an effort to stop its $750-million partnership deal with Brookfield Renewable Partners. This move comes after the U.S. activist investor withdrew its application with the Alberta Securities Commission last week for a hearing to demand a shareholder vote on the Brookfield deal.

OTHER NOTABLE STORIES

-Canadian Pacific Railway first-quarter profit rose 25 per cent despite lower freight volumes caused by bad weather but still missed analysts’ expectations.

-The polls were off again with the PEI election where voters elected a PC minority. The Greens had led in the polls since late last summer.

-Shares of Snap are up more than five per cent in pre-market trading after topping expectations and winning new users in the first-quarter

NOTABLE RELEASES/EVENTS

-Notable earnings: Cenovus, Lundin Mining, Methanex, Mullen Group, Boeing, Caterpillar, Microsoft, Facebook, Tesla, Visa, AT&T

-Notable data: StatsCan annual report on foreign direct investment

-Lululemon holds analyst day meeting in New York (9:30 a.m. ET)

-10:00 a.m. ET: Bank of Canada releases interest rate decision and Monetary Policy Report (plus news conference at 11:15 a.m. ET) 

-10:10 a.m. ET: National Bank of Canada holds annual general meeting in Quebec City

-StatsCan releases study "Immigrant Entrepreneurs as Job Creators"

-3:15 p.m. ET: Minister of Agriculture and Agri-Food Marie-Claude Bibeau will be at Conestoga Meats in Breslau to make a federal funding announcement in support of the Canadian pork sector

Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg's editorial staff listing the stories and events that will be in the spotlight that day. Today's note was written by Senior Producer Alicia Harvey. Have it delivered to your inbox before the trading day begins by heading to www.bnnbloomberg.ca/subscribe.