Canadian dollar jumps to above 82 cents US as central bank hikes for 2nd time this year

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Bank of Canada Raises 1% Benchmark Rate, Economy Roars
Bank of Canada Raises 1% Benchmark Rate, Economy Roars

Canadian dollar jumps to above 82 cents US as central bank hikes for second time this year. The Canadian economy had its strongest first half to the year since 2002:statistics Canada.

It’s the second time this year that the central bank has raised the rate, after hiking it for the first time in seven years this July.

Bank of Canada Raises 1% Benchmark Rate, Economy Roars
The central bank’s rate has an impact on lending rates that consumers and savers get from banks on mortgages, lines of credits, savings accounts and other financial vehicles.

“Recent economic data have been stronger than expected, supporting the bank’s view that growth in Canada is becoming more broadly- based and self-sustaining,” bank said
“The level of GDP is now higher than the bank had expected ”

-PTC News