The Bank of Canada announced on Wednesday that it reduced interest rates by 25 basis points to 4.75%, in line with expectations.
Nawras Hafez, market strategist at Trader Factory Academy, said that the Canadian Federal Reserve has indicated that there is no need to keep interest rates high and monetary policy tight.
Hafez added that the Central Bank attributed the decision to reduce interest rates to the fact that inflation rates are at 2.6%, which is within the target range in Canada of 2 to 3%.
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