Canada scraps commitment to hold rates; signals hike

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The Bank of Canada on Tuesday dropped its pledge to hold rates at record lows until at least the end of the second quarter of 2010.

The central bank, which opted to leave its benchmark overnight rate at 0.25%, said the move to scrap the pledge came on the back of global growth being "somewhat stronger than projected". The Canadian recovery was also proceeding "somewhat more rapidly" than the central bank forecast in its January Monetary Policy Report, with growth of 3.7% now expected this year.

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