The Bank of Canada is raising its target for the overnight rate to 1 per cent.
Interestingly, the BoC did also reference elevated household indebtedness and the impact that these rate rises could have on it. CAD gains can not be unlimited if Oil does not to some extent support the bullish sentiment as the Bank of Canada is still very sensitive to the broader picture for Crude Oil.
The bank's rate has returned to where it was at the start of 2015, when the central bank started slashing rates to stimulate a Canadian economy that had been waylaid by the oil price crash.
Coming into Wednesday, only a select group of economists and analysts thought the Bank of Canada would hike rates.
The markets weren't anticipating an interest rate hike quite yet. The Bank of Canada has distinguished itself as the only central bank willing to raise borrowing costs before inflation has even reared its head, said Shaun Osborne, chief FX strategist at Scotiabank. At its previous meeting in July, the BoC raised its key rate for the first time in seven years, also by 25 basis points.
Going forward, the central bank said it expects a moderation in the pace of economic growth in the second half of 2017, but already gross domestic product (GDP) is higher than it had forecast. "That was possible when housing prices were rising rapidly and interest rates were at record lows".
Unfortunately, the central bank did not release a monetary policy report which is consistent with their quarterly release at every other interest rate announcements.
Canada's currency climbed as much as 1.8 per cent after the decision, reaching $C1.2146 against its U.S. counterpart, the highest intraday level since June 2015, and extending the gain this year to 10 per cent.
As Canada celebrates its 150th birthday, the economy is strengthening.
On Wednesday, RBC, Toronto-Dominion Bank (TSX:TD), Bank of Montreal (TSX:BMO), Canadian Imperial Bank of Commerce (TSX:CM) and Bank of Nova Scotia (TSX:BNS) moved to increase their prime lending rate by 25 basis points from 2.95 per cent to 3.2 per cent, effective Thursday.
"The Bank has said that future increases will not be "predetermined", which aims perhaps to indicate to the markets that they will not increase the rate a quarter point at each meeting, " wrote CIBC in a note to its clients.
But there remains uncertainty over continental free trade talks with the United States and Mexico, and hurricanes pounding the heart of the U.S. refining capacity in the Gulf coast region - given that Canada exports most of its oil to its southern neighbor. Nonetheless, there remains some excess capacity in Canada's labour market, and wage and price pressures are still more subdued than historical relationships would suggest, as observed in some other advanced economies.
The US, UK and other Western allies are prone to impose new heavy sanctions on Pyongyang even outside the UN Security Council. In his published comments, Putin said the situation was "balancing on the brink of a large-scale conflict".
Joel Osteen has a megachurch in Houston that can hold 16,000 people - but he's only just opened it up to Hurricane Harvey victims. But this notion that we would turn people away or that we're not here for the city - we've been here for 60 years doing this'.
For the entire year, Mark Zandi, chief economist at Moody's Analytics, is forecasting growth of 2.1 per cent. The Trump administration is targeting tax cuts, deregulation and infrastructure spending to boost growth.
The 32-year-old Japanese will call it a career after taking part in the September 14-17 Evian Championship in France. Lewis began Sunday at 17-under, three ahead of Jutanugarn and four in front of Chun.
In a fresh wave of violence, hundreds of Rohingya Muslims have been mercilessly killed by the Burmese army over the past week. The UN says 38,000 Rohingya have reached Bangladesh, some using overland routes and others crossing the Naf River.
Despite the court ruling, Polish Prime Minister Beata Szydlo said her country will stick by its refusal to take in refugees. It's not clear what consequences there will be, if any, for member states that refuse to take in migrants.
What would you save from your home if a natural disaster were to strike? Contact local shelters to see what they need . The organization says the best thing to do right now is donate money to animal groups , in Houston .
In all my time playing the first Destiny , the one thing I took away from the game is that people love their dance emotes. Having said that, we do know that it will still be an elimination match type where players can earn special rewards.
On Day 1 of the tournament, Sharapova won a three-set thriller under the lights against No. 2 seed Simona Halep. Venus Williams, of the United States, serves to Maria Sakkari, of Greece, during the third round of the U.S.
She added, "China is willing to work with Pakistan and other countries to enhance our cooperation in counterterrorism". Modi might raise Pakistan's terror links at the event. "We are very much interested in partnership with India.
Temple Community Shaken Up By Student's Murder
Philadelphia police said Sunday a body found on property belonging to Hupperterz's relative was identified as Burleigh. In a Facebook post shared Saturday, Edward Burleigh called his daughter a "beautiful angel" who is now in heaven.
US Open: Petra Kvitova's win is match of the tournament
Venus Williams , of the United States, returns a shot from Carla Suarez-Navarro, of Spain, during the fourth round of the U.S. She served a 15-month ban for that, returning to the tour this April with a ranking too low to get into Grand Slam events.
Xiaomi Mi 7 to debut with 6-inch screen, Snapdragon 845 SoC
If this turns out to be true, then Xiaomi will be the first company to pack its product with the unreleased chipset next year. Besides this, the screenshots also reveal the presence of 4400mAh battery in the Mi Mix 2 , along with a 20MP rear camera.
N. Korea Close to Long Range Missile Capability
North Korean leader Kim Jong Un said the launch was a "curtain-raiser of its resolute countermeasures" against the U.S. Constant North Korean provocations do not seriously disturb Seoul-based foreigners like Matthew Crawford either.
Florida State QB Francois out for season
Less than a minute later, the Tide took back the ball again when Levi Wallace picked off Francois' pass at the FSU 42-yard line. On the same play that Florida State was called for pass interference, Alabama's sideline was hit with a delay of game penalty.
Team USA's dimming World Cup hopes explained
The US visit Honduras on Tuesday, while Costa Rica host Mexico . "We made some critical errors , and we didn't have a good night". The Americans could fall to fifth depending on later results involving Panama and Honduras , who played Trinidad and Tobago .
India beat Lanka by six wickets, win series 5-0
For that though, Sri Lanka will need to raise its game significantly, because India is not going to be complacent about this game. For Rohit Sharma, who had a bad ODI record in Sri Lanka before the start of the series, it was an interesting series.