Bank of Canada to keep rates on hold given likely economic slowdown -analysts

The Bank of Canada (BoC) on Wednesday is expected to keep rates on hold at a 22-year high of 5% after growth contracted in the third quarter and is seen slumping next year, analysts predicted. The central bank hiked rates by a quarter point in both June and July and has left them on hold since, adding that it is prepared to tighten further to tame inflation that has remained above the bank's 2% target for 31 months. Canada's economy unexpectedly contracted at an annualized rate of 1.1% in the third quarter, avoiding a recession, but most economists forecast that upcoming mortgage renewals at higher rates will take another chunk out of growth next year.