There's a limit to how much interest rates in Canada and U.S. can diverge: Macklem

Canadian interest rates don't have to match U.S. or global rates, Bank of Canada governor Tiff Macklem says, but they need to stay within a certain ballpark.

Macklem made the comments while testifying before the House of Commons finance committee alongside senior deputy governor Carolyn Rogers on Thursday.

"Our interest rates in Canada don't need to be the same as the U.S. rate or global rates. But there is a limit to how far they can diverge," Macklem said. 

"We're not close to that limit."