The Bank of Canada's decision to raise interest rates to 4.75% could have a neutral short-term impact on the iShares MSCI Canada ETF (EWC). Higher interest rates can lead to increased borrowing costs for companies, which may affect their profitability and stock prices. However, the rate hike also signals a strong economy, which could be positive for the ETF. The overall impact on EWC will depend on how the Canadian market adjusts to the new rate environment.