# As Expected the Bank of Canada Raises it’s Benchmark Overnight Rate. - OFX (HK)

> The Bank of Canada raised its benchmark overnight rate by 25 basis points to 1.75 percent, as expected. The Loonie had drifted lower on softer oil prices, and WTI fell 4.4 percent after Saudi comments on adding supply.

- Date: 2018-10-23 · published 2018-10-23T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/62787-as-expected-the-bank-of-canada-raises-it-s-benchmark-overnight-rate-ofx-hk
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher Canadian rates and softer oil prices affect CAD and energy costs, which feed into freight and feed input costs. The move is largely priced in, so the direct grain price impact is limited.

## Read by commodity

- WTI: bearish ▼
- USDCAD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-05 | [Bank of Canada maintains overnight rate target at 1 ¾ per cent - Bank of Canada](https://feedsoft.ai/events/61780-bank-of-canada-maintains-overnight-rate-target-at-1-3-4-per-cent-bank-of-canada.md) | -3.0% | -11.7% |
| WTI | 2019-01-09 | [Bank of Canada maintains overnight rate target at 1 ¾ per cent - Bank of Canada](https://feedsoft.ai/events/61325-bank-of-canada-maintains-overnight-rate-target-at-1-3-4-per-cent-bank-of-canada.md) | +4.5% | +8.1% |
| WTI | 2020-04-15 | [Bank of Canada maintains overnight rate target and unveils new market operations - Bank of Canada](https://feedsoft.ai/events/53864-bank-of-canada-maintains-overnight-rate-target-and-unveils-new-market.md) | -32.0% | +25.9% |
| WTI | 2022-12-07 | [Canadian dollar holds near one-month low as Bank of Canada rate hike boost fades - The Globe and Mail](https://feedsoft.ai/events/38459-canadian-dollar-holds-near-one-month-low-as-bank-of-canada-rate-hike-boost.md) | +0.5% | -0.8% |
| WTI | 2025-04-25 | [Colombia's central bank expected to hold rates despite government pressure: Reuters poll \| Reuters](https://feedsoft.ai/events/25406-colombia-s-central-bank-expected-to-hold-rates-despite-government-pressure.md) | -5.0% | -1.9% |

## Sources

- ofx.com: https://www.ofx.com/en-hk/forex-news/daily-and-weekly-market-news/2018/10/24/as-expected-the-bank-of-canada-raises-its-benchmark-overnight-rate/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.