The Bank of Canada meets 8 times each calendar year to analyze the Canadian economy and to decide on whether they should lower the overnight rate, raise the overnight rate, or keep rates neutral.
At these meetings, the BoC will also announce any policy changes or updates that would otherwise affect the general Canadian economy.
Historically, the government does not make changes to the overnight rate when they meet.
Over the past 10 years, we’ve seen the variable rate stay fairly flat, with minimal fluctuations.