USD/CAD

The Bank of Canada raised interest rates as expected and said more hikes would be needed to keep inflation in check, while also hailing a new North American trade pact it forecast would reduce economic uncertainty.

Statistics Canada said the annual inflation rate in September dipped to 2.2% from 2.8% as price pressures from gas and air travel eased. Analysts in a Reuters poll had forecast an annual rate of 2.7%.

Every Federal Reserve policymaker backed raising interest rates last month in a meeting where they also generally agreed borrowing costs were set to rise further, according to minutes from the meeting released on Wednesday.

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