One of Canada’s largest mortgage lenders says that the Bank of Canada is in no hurry to make another increase in interest rates.

CIBC said Thursday that it is holding firm on its prediction that Governor Stephen Poloz will not make another increase until spring 2018 despite some strong economic indicators.

The bank’s Capital Markets division says that the BoC needs the Fed to make its next interest rate move first to avoid further appreciation of the Canadian dollar, which the report says is unsustainable at current levels.

CIBC Capital Markets forecasts a 1% rate to remain until June 2018 when it will rise to 1.25% with a further 25 basis points rise to 1.50% in December 2018 and then to 1.75% in June 2019.