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Bank of Canada Stands Pat on Key Rate Wednesday, September 7, 1:59 PM ET
Canada's central bank kept its key interest rate unchanged today.
The Bank of Canada said its overnight lending rate will remain at 1%.
Although it had said in its July monetary policy statement that it planned to withdraw some of its monetary policy stimulus, today the central bank said that need has ''diminished'' in light of slowing global economic momentum and heightened financial uncertainty.
The iShares MSCI Canada Index Fund (AMEX:EWC) is trading up about .6% Wednesday.
Top holdings in the fund include Royal Bank of Canada (NYSE:RY), Toronto-Dominion Bank (NYSE:TD), and Bank of Nova Scotia (NYSE:BNS).
The Canadian Dollar Trust (AMEX:FXC) is trading up over .1% today.
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