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Canada dollar up; central bank stands pat on rate *PIC*

Canada dollar up; central bank stands pat on rate ( USDCAD ) (by Georgia Wells)

SAN FRANCISCO (MarketWatch) -- The Canadian dollar strengthened Tuesday after the Bank of Canada announced its target for the overnight interest rate will remain unchanged at 1%, as had been expected. Changes to the language in the policy statement suggested to some analysts the central bank was preparing to raise rates, perhaps later this year. "This appears to have fanned speculation that one or more interest rate increases could be on the way this fall unless something major happens," CMC Markets analyst Colin Cieszynski said in a note. The U.S. dollar (usdcad) dropped 1% to buy 94.98 Canadian cents.