MW: Bank of Canada sees lower growth, rates on hold
By Polya Lesova
NEW YORK (MarketWatch) -- The Bank of Canada on Wednesday maintained its target for the overnight rate at 1%, as expected. In a statement, the central bank said that Canada's annual average growth is now projected to be 1.5% in 2013, lower than its previous forecast of 2% growth. The Bank of Canada said that "the considerable monetary policy stimulus currently in place will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required, consistent with achieving the 2% inflation target." Following the announcement, the U.S. dollar extended gains against the Canadian currency to trade up 0.6% at 1.0273 Canadian dollars.
