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Canada’s central bank held its benchmark rate steady, but said that “global economic growth is strengthening and becoming more broadly-based”.

The Bank of Canada left its overnight rate at 0.5 per cent, matching market expectations.

Policymakers said the global economic situation had brightened since January, but that “there is still considerable uncertainty about the outlook”. It also said that “material slack remains” in the Canadian labour market.

The Canadian dollar rose by 0.3 per cent against the greenback after the announcement.

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