The Bank of Canada holds rates

The Bank of Canada held its key interest rate at 1.00% on Wednesday, as expected.

The central bank said in its accompanying statement that the global and Canadian economies are progressing as outlined earlier this year, and it continues to expect global growth to average around 3.5% over 2017-2019.

However, the bank cautioned that this outlook "remains subject to substantial uncertainty about geopolitical developments and fiscal and trade policies, notably the renegotiation of the North American Free Trade Agreement."

Last month, the central bank unexpectedly hiked rates by 25 basis points, citing stronger than expected data.

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