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Bank Of Canada Leaves Key Interest Rate At 1%

The Bank of Canada on Wednesday made no changes to its interest rates, in line with expectations. The bank kept its target for the key rate, the overnight rate, at 1% and left its bank rate at 1.25% and the deposit rate at 0.75%. "Inflation in Canada remains low," the BOC said in a statement, adding that core inflation should remain below 2% in 2014 because of economic slack and increased retail consumption. But the BOC said higher energy prices and a lower exchange rate should help boost total CPI inflation closer to 2% in "the coming quarters." Canadian exports could benefit from a lower Canadian dollar and a strengthening U.S. recovery, the bank said. "In sum, the Bank continues to see a gradual strengthening in the fundamental drivers of growth and inflation in Canada. This view hinges critically on the projected upturn in exports and investment," the bank said in a statement. The U.S. dollar pushed above 1.10 Canadian dollars in the wake of the report.Copyright © 2014 MarketWatch,...

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