Canada hikes by quarter point

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The Bank of Canada on Tuesday hiked its benchmark interest rate from its record low on further signs that the country's economic recovery is on a sound footing.

The central bank raised its target for the overnight rate by a quarter of one percentage point to 0.5%.

The bank rate, the rate at which banks borrow, was raised by the same amount to 0.75% but the deposit rate was kept unchanged at 0.25%, re-establishing the normal rate corridor.

"This decision still leaves considerable monetary stimulu

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