After a five-month pause, the BoC raised its overnight rate in June, saying monetary policy was not sufficiently restrictive.
"If new information suggests we need to do more, we are prepared to increase our policy rate further," BoC Governor Tiff Macklem told reporters after the decision.
The BoC's overnight target rate was last at 5.00% in March and April of 2001.
Twenty of 24 economists surveyed by Reuters had expected the central bank to lift rates by a quarter of a percentage point.
Money markets had seen a more than a 70% chance of a rate hike before the announcement.
Persons:
Derek Holt, Andrew Kelvin, Steve Scherer, Ismail Shakil, Fergal Smith, Divya Rajogopal, Nivedita Balu, Paul Simao, Mark Porter
Organizations:
OTTAWA, Bank of Canada, Wednesday, BoC, Scotiabank, Reuters, TD Securities, Thomson
Locations:
Canada, Toronto