MID-DAY: BoC keeps interest rate same; TSX breaks losing streak boosted by gains in crude
A rate hike is likely coming to Canada this summer. The Bank of Canada announced this morning the interest rate would remain at 1.25 per cent, but with the rise in inflation, led by gas prices, analysts believe a hike could be coming in July.
The price of crude is on the rise again, which helped the TSX break a five-day losing streak. The Bay Street index opened higher and is up to 15,963. Experts say supplies are dwindling with no action from world producers despite promises to increase production to offset losses from Venezuela and Iran. The price of US crude is climbing to 68.20 a barrel.
The Loonie is also coming back to life thanks to the BoC announcement and the increase in oil prices up to 77.64 cents US.
Across the border the Dow is up 222 points to 24,584.