The loonie soared this morning after the Bank of Canada announced an increase in its key lending rate, a move that caught some market watchers by surprise. The Canadian dollar was trading at 81.77 cents U.S., up from Tuesday’s average price of 80.83 cents U.S. The currency had been in the red before the central bank said its key rate will rise by one-quarter point to 1.0 per cent. Read more: Bank of Canada hikes key interest rate to 1.0%On Bay Street, the Toronto Stock Exchange’s S&P/TSX composite index slipped 5.82 points to 15,084.33, after 90 minutes of trading, but it had been positive before the bank’s 10 a.m. ET rate announcement.

Source: thestar September 06, 2017 15:56 UTC