The announcement, while highly anticipated, is unlikely to be changed from the current 0.5% rate with economists pointing to current economic turbulence and no firm indication of what the Fed may do.
That said, the lower Canadian dollar has contributed to a lift for exports and a lower interest rate would see the loonie drop further.
The balancing act for the BoC, though, is to take any measures that it deems necessary to add stimulus to the wider economy while remaining cautious about growing Canadian household debt, including mortgages, and rising house prices in some areas.
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All eyes will be on the Bank of Canada at 10am ET Wednesday as the central bank announces its latest interest rate decision.