July rate hike from the Bank of Canada will happen. According to Frances Donald, a senior economist with Manulife asset management. ( Published in Globe And Mail newspaper on July 7, 2018.The current day Prime rate ( 3.45%) is still low wnen compared with the Bank Lending rate reaching an all time high of 22.75 percent in August of 1981 and a record low of 2.25 percent in April of 2009.( plea ...