The Pound to Canadian Dollar exchange rate (GBP/CAD) rose sharply in the wake of the decision, going to 1.6599, taking bank payment rates to approximately 1.6110, competitive cash and holiday money rates to ~1.6430 and competitive payment rates to ~1.6530. The U.S. Dollar to Canadian Dollar exchange rate (USD/CAD) also showed a spike, rising from 1.3350 to 1.3420, taking taking bank payment rates to approximately 1.3040, competitive cash and holiday money rates to ~1.3297 and competitive payment rates to ~1.3378. Image: Bank of Canada policy interest rate. The Bank said it was prepared to raise interest rates again if inflation data warranted such a response. But ING says the next move from the BoC is likely to be an interest rate cut.
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