Canada ups interest rates to 4.5 per cent

The Bank of Canada raised its key overnight rate by one-quarter of a percentage point to 4.5 per cent today, the highest in six years, a move that will likely keep the Canadian dollar flying high and help cool the country's hot economy.

The move by central bank governor David Dodge was long anticipated in the financial community, but it likely won't be his last this year, the Associated Press (AP) reported.