Wise Move, Bank of Canada

Today the Bank of Canada announced it would keep Canadian interest rates steady. The Bank demonstrated an understanding of the impact that a strong Canadian dollar is having on the economy by stating in today's release:

The additional strength that has developed in domestic demand is expected to persist into next year, but this should be more than offset by a weaker outlook for net exports, owing primarily to the recent strength of the Canadian dollar.

Markets today responded by trading lowering the Canadian dollar by 1/2 a US cent. This is good news for many Canadian businesses, hopefully the situation will change from the way I described it in February.