By Linda Nguyen, The Canadian Press, July 12, 2017
TORONTO – The Canadian dollar is higher this morning following a highly anticipated increase to the Bank of Canada’s key lending rate.
The loonie was trading at 77.90 cents US shortly after the central bank’s announcement — half a cent above Tuesday’s average price of 77.40 cents US.
The Bank of Canada says it’s raising its benchmark interest rate by a quarter of a percentage point to 0.75 per cent — its first increase in nearly seven years. The last time it increased the target rate was in September 2010.