Canada keeps rates at 4.5%
The Bank of Canada said on Tuesday that it would hold its target for the overnight rate at 4.5%.
The decision was widely expected because of deteriorating US economic conditions and the Canadian dollar's appreciation.
The central bank confirmed this: "The combined effect of a weaker US outlook and a higher assumed level of the Canadian dollar implies that net exports will exert a more significant drag on the economy in 2008 and 2009 than previously expected."
Revised projections put US economic
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