Bank of Canada announcement, no interest rate change

By MoneyWay | Dec 8, 2021

The Bank of Canada announced no interest rate hike however it has changed it’s tune slightly, what once called a transitionary inflation rate is now called persistent and should be tackled sooner than later. Therefore, expect those rate hikes in 2022, the new topic of discussion is how many will there be in 2022? The general accepted notion is three, but some economists are stuck at two, believing that three would be the tipping point in the floating mortgage market and causing problems for extended homeowners. Two rate hikes should remove enough demand for housing to placate house prices from going higher but keep current prices remaining steady.

The Canadian dollar should remain steady the rest of the day, currency traders have one eye on equities and commodities, equities are unchanged while oil is up another 1% today. Trade on a stronger CAD.

Currently*          Close                     Range

USDCAD               1.2650                   1.2638                   1.2609-1.2664

EURCAD               1.4333                   1.4238                   1.4224-1.4344

GBPCAD               1.6740                   1.6735                   1.6647-1.6771

*Indicative Rates Only

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