The Bank of Canada held its target for the overnight rate at 2.25% on April 29, 2026. The Bank Rate remained 2.5% and the deposit rate remained 2.20%. The decision left all three rates unchanged.
The Bank said it was monitoring elevated energy prices and uncertainty around trade and the conflict in the Middle East. Its target overnight rate influences short-term funding conditions, but financial institutions set their own mortgage, loan, line-of-credit and savings rates; those consumer rates do not have to move automatically or immediately after a Bank decision.