Policy rate · BoC
BoC interest rate: 2.5%
Bank of Canada (Ottawa): current target for the overnight rate, next meeting, what the market expects and recent decisions. Updated automatically.
Current rate
2.5%
target for the overnight rate
Last move
+25 bp
on October 29, 2026
Next meeting
December 9, 2026
The market mostly expects a hold (65%)
What the market expects for the next meetings
Probabilities derived from short-term interest rate futures.
| Meeting | Cut | Hold | Hike | Expected rate |
|---|---|---|---|---|
| December 9, 2026 | 0% | 65% | 35% | 2.59% |
| January 27, 2027 | 0% | 53% | 47% | 2.71% |
| March 3, 2027 | 0% | 95% | 5% | 2.72% |
| April 28, 2027 | 0% | 41% | 59% | 2.86% |
| June 2, 2027 | 0% | 83% | 17% | 2.91% |
| July 21, 2027 | 0% | 78% | 22% | 2.96% |
Recent decisions
- November 6, 20262.5% 0 bp
- October 29, 20262.5% +25 bp
- October 30, 20252.25% −25 bp
- September 18, 20252.5% −25 bp
- March 13, 20252.75% −25 bp
- January 30, 20253% −25 bp
- December 12, 20243.25% −50 bp
- October 24, 20243.75% −50 bp
- September 5, 20244.25%
BoC rate, in plain English
The target for the overnight rate is the main tool of the Bank of Canada. The Bank of Canada sets it 8 times a year to steer inflation and growth: raising it cools the economy and inflation, cutting it stimulates them.
The Bank of Canada's decisions are among the releases that move the Canadian dollar the most: before opening a position on a CAD pair, it helps to know when the next meeting is and what the market expects from it.
FAQ
- What is the Bank of Canada's interest rate today?
- The Bank of Canada's target for the overnight rate is 2.5%, since October 29, 2026.
- When is the Bank of Canada's next meeting?
- The Bank of Canada's next decision is due on December 9, 2026. The Bank of Canada meets 8 times a year to set its rate.
- How does the Bank of Canada's rate affect the Canadian dollar?
- A higher rate pays more on Canadian dollar deposits and tends to support it against other currencies; a cut does the opposite. What moves the price is not the decision itself but the gap between the decision and what the market expected.
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Get my free diagnosticOfficial sources: FRED (Federal Reserve Bank of St. Louis), ECB, Bank of England, Bank of Canada, Eurostat. This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.