FXStreet (Córdoba) - The Bank of Canada decided to leave the target for the overnight rate at 0.5%, against some expectations of a 25 bps cut. The Bank Rate is correspondingly 0.75% and the deposit rate is 0.25%. However, the BoC lowered its growth forecast for 2016, and said the recent decline in oil and other commodities prices is a "setback" for the Canadian economy. The Bank projects Canada’s economy will grow by about 1.5% in 2016 and 2.5% in 2017. Meanwhile, the Bank considers inflation is evolving broadly as expected and judges the current stance of monetary policy as appropriate . “All things considered, therefore, the risks to the profile for inflation are roughly balanced. Meanwhile, financial vulnerabilities continue to edge higher, as expected”, said in a statement. For more information, read our latest forex news.