Canada's economy is expanding at its fastest annualized rate in six years.
Figures released Thursday morning by Statistics Canada showed this country's gross domestic product grew by 1.1% between March and June, an improvement from the 0.9% growth seen in the previous three-month period.
That's an annualized rate of expansion of 4.5%, the highest the figure has been since the third quarter of 2011.
Within minutes of the report coming out, currency traders started upping the odds that the Bank of Canada will hike its benchmark interest rate when it meets next week.
As it stands, traders think there's about a one-in-three chance of that happening. Yesterday, the odds of such a move were just over one in four.
The likelihood rises to more than 85% between now and the end of the year.
The 4.5% annualized growth pace is also 50% higher than the pace at which the U.S. economy is growing, and another sign that policy makers may be getting ready to pump the brakes and keep inflation in check
