Raising rates because "well, we should be raising rates" is probably the worst reason.  The Canadian dollar will spike, exports will decline, hundreds of thousands will lose their jobs, the housing market will get hit, destroying wealth of millions of Canadians, for what. an extra 0.25 percent on savings? 
Then the Canadian economy will go into recession, and then rates will have to go down, and Canada will be in the same boat, just with a lot more holes.