Bank of America Global Research previews the October BoC meeting on Wednesday.

"We expect BoC to hold at 2.25% on Oct 28, but it is a close call. Markets price in 85% chance of a hike, up from 35% a week prior, following hawkish communication and rising inflation expectations. Weak labor data and core inflation below target favor a hold; headline inflation above 3%, hawkish BoC communication, and rising inflation expectations leave meaningful hike risk," BofA notes

"Either outcome likely comes with hawkish communication and a move higher in Dec hike pricing. A surprise hold could trigger a sharp but short-lived rates rally, with the press conference likely to be hawkish. A hike likely delivers modest bear flattening. We would see a hike as the start of a small adjustment-2 total hikes-not a full hiking cycle," BofA adds.