Suppose the overnight market rate is below the target rate set by the Bank of Canada (BoC). To reduce the downward pressure on overnight rate, the Bank of Canada decides to use open market operations with a target volume of 1 (K) million dollars. Describe the actions BoC can undertake to intervene in the overnight market. Using T-accounts, record the changes in balance sheets of BoC and the financial system following BoC' s intervention