Do interest rates fluctuate in response to the Bank of Canada's actions? Interest rates fluctuate in response to the Bank of Canada's actions. The short-term interest rates-the ovemight loans rate and the 3-month Treasury bill rate-move A. do; closely together B. do, in opposite directions C. do not, closely together D. do not: in opposite directions The long-term bond rate is than the short-term rates, and it fluctuates than the short-term rates..