Canada Dollar Reaches 11-Week High After Carney’s Rate Statement
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Canada’s dollar reached the strongest in 11 weeks after the Bank of Canada kept its main interest rate unchanged and said borrowing costs will increase as the economy recovers.
The loonie, as the currency is nicknamed, rose against all except one of its 16 most-traded peers, the New Zealand dollar, as global stocks and crude oil rallied, boosting demand for riskier assets. The statement accompanying the central bank’s interest-rate decision dropped the word “eventually” to describe the timing of its next move.