Canada will witness hike in Interest rate for 1st time in past 7 years next week.

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Bank of Canada is ramping up to hike its benchmark interest rate — possibly as soon as next week after almost a decade of warnings that never came to pass.

On July 12, the bank will announce its latest decision on where to place its trend-setting interest rate, which has an impact on the rates that Canadian borrowers and savers get for their bank accounts, mortgages and other products.