04/16/2014 08:50 EDT | Updated 06/16/2014 05:59 EDT

Bank of Canada keeps interest rate at 1%

The Bank of Canada kept its trendsetting overnight interest rate at one per cent today, the same place it's been for the last 29 policy meetings.

Known as the target for the overnight rate, the central bank's main rate dictates the rate that banks pay to each other for short-term loans. But it impacts the rates that banks offer to borrowers and savers in the real economy, for things like mortgages and savings accounts.

The rate hasn't changed since September 2010.