OTTAWA—Bank of Canada watchers are in agreement: The central bank will raise its benchmark interest rate Wednesday because the employment data have been too strong to overlook.

The Bank of Canada’s expected move comes even though the uncertain fate of the North American Free Trade Agreement hovers over the economy. To date, trepidation over the possible dissolution of Nafta has yet to show up in the economic indicators, or in the central bank’s own survey of firms.

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