The Bank of Canada had to take the 'expected' step of slashing the interest rates in order to provide a booster shot to an economy which has been facing a crisis due to many factors such as low oil prices, global slowdown and deflationary pressures. The Bank of Canada lowered its overnight rate from 0.75 percent to 0.50 percent. The Bank Rate is at 0.75 percent while the deposit rate is at 0.25 percent. Read more