The Bank of Canada rate (overnight rate) remained at 1.00%, unchanged since September 8th, 2010. The overnight rate is the interest rate at which major financial institutions borrow and lend one-day (or 'overnight') funds among themselves; the Bank sets a target level for that rate. This target is often referred to as the Bank's key interest rate or key policy rate.
Changes in the target for the overnight rate influence other interest rates, such as those for consumer loans and mortgage. They can also affect the exchange rate of the Canadian dollar. In November 2000, the Bank introduced a system of eight "fixed" dates each year on which it announces whether or not it will change the key policy rate.