Bank of Canada dropped their Prime Rate by 0.25%!

The Bank of Canada shocked markets today by cutting its key overnight lending rate by a quarter of a percentage point (0.25%), citing the economic threat posed by plunging oil prices.

Good News for those on a variable rate, but Bad News for those going on vacation to the States!  Canadian dollar dropped by 1.2% already!

Read more:  http://www.cbc.ca/news/business/bank-of-canada-shocks-markets-with-cut-in-key-interest-rate-1.2921370