The Overnight Interest Rate Is Crucial to the Bank of Canada

The overnight interest rate is crucial to the Bank of Canada when it implements its monetary policy because

A) the Bank of Canada has no ability to influence other interest rates.
B) it is the result of the Bank of Canada's regular changes in the money supply.
C) the overnight interest rate is linked to both short- term and long- term interest rates.
D) the Bank of Canada's first priority is to ensure the solvency of commercial banks.
E) overnight loans constitute a major source for open- market operations.