The Bank of Canada is holding the bank rate as it is. The core rate of inflation has risen over the 2% target mark to 2.2%, but this will not cause a rate hike yet. With the inflation rate on the rise from temporary factors the rates may stay steady until the 3rd quarter of next year when it may raise rates up 0.75% according to a survey of over 40 economists. There has been a temporary setback in the economy, so many believe that the rates will remain steady. The Bank of Canada is expected to act more dovish in the short term but that is expected to change over the long run. On the other side of the border the U.S inflation rate is rising and expected to keep rising to give breathing room for the prices to continue to rise, which may cause a raise in the cost of borrowing at some point this year. As the U.S market continue to be on the rise this should allow for a raise borrowing costs at some point this year.
Here are some recent articles on rate news if you are so inclined.
The next Bank of Canada rate announcement is Wednesday, July 13.