The Monetary Policy Committee of the Bank of Canada decided after its meeting held today, Wednesday, to keep interest rates unchanged for the seventh consecutive meeting, stabilizing the key interest rate at 5.00%, in line with market expectations which indicated that the Bank of Canada would maintain the interest rate without modification during this meeting.

In a few minutes, investors are awaiting the interest rate statement issued by the Monetary Policy Committee of the Bank of Canada, which provides a clearer view of the Bank of Canada's decisions and the economic situation within the country, which will have a strong impact on the Canadian dollar's trading against other currencies.

The Bank of Canada makes the interest rate decision related to the overnight financing rate from lending and borrowing among major financial institutions within the country. Traders are awaiting changes in interest rates, as short-term interest rates are what measure the currency's value. The higher the interest rates rise and exceed expectations, the more positive it is for the Canadian dollar, whereas if they fall more than expected, it negatively affects the Canadian dollar.