On the other hand, higher interest rates will also mean a higher Canadian dollar.  While that would be good for importers, consumers, and people (including me) who plan to travel to the US and elsewhere, it would not be so good for Canadian exporters. Also, higher interest rates would be good for people with savings accounts, but not so good for people with short-term or floating rate mortgages. So, there would be both winners and losers if interest rates go up, just as there are winners and losers if rates stay the same or go down.