The Bank of Canada is set to release its latest interest rate decision on Wednesday and economists are largely anticipating rates to remain on hold yet again.
Canada's main stock index was down almost 100 points Monday with broad-based losses led by base metals, health care and financials, while U.S. markets were also down.
Canada’s economy hasn’t buckled under the weight of higher borrowing costs. On the contrary: strong growth has more economists predicting the central bank will resume raising interest rates soon.
Oil prices are on the rise after Saudi Arabia announced it will cut its production by another one million barrels per day starting from July.
Momentum in the Canadian economy is spurring speculation that a rate hike is on the way, but economists don't expect the Bank of Canada to pull the trigger this week.
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