Bank of Canada to raise interest rates this week, all 6 big banks say

After the release, Canadian Imperial Bank of Commerce joined its peers in forecasting a rate hike from the central bank at its July 12 meeting.

The loonie rose as high as $1.3288 per U.S. dollar after the jobs report, which came at the same time as Bureau of Labor Statistics figures that showed U.S. employers added fewer jobs in June than expected.Article content A string of strong economic data prompted Bank of Canada governor Tiff Macklem to end a five-month pause in June. Before May’s setback in employment figures, the country had the longest run of job creation since 2017 during which 423,900 positions were added. Headline inflation has, however, slowed sharply to 3.4 per cent in May from its peak of 8.1 per cent last year.Article content

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