OTTAWA - The Bank of Canada is set to make its latest interest rate announcement today.

The central bank is widely expected to keep its key rate unchanged, but economists will be scrutinizing its announcement for details on its view of the economy.

The bank's target for the overnight rate has been set at 0.5 per cent since July 2015.

Statistics Canada reported last week that the country's economy contracted at an annual rate of 1.6 per cent in the second quarter due to the wildfires in Fort McMurray, Alta., and a drop in exports.

That was worse than the 1.0 per cent pace that the Bank of Canada had expected when it published its last monetary policy report in July.

However, the second quarter ended on a positive note, with growth in June and exports gaining strength the following month.