Canadian Dollar Gains as Flaherty Budget Ends Deficit in 2015
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Canada’s dollar strengthened the most in a week against its U.S. peer as Finance Minister Jim Flaherty said he plans to eliminate the country’s deficit before the next election in 2015.
The currency rose earlier as Canadian retail sales gained in January to recoup some of the previous month’s plunge, a sign the economy may be recovering, and fewer Americans than forecast filed for first-time jobless claims. The so-called loonie climbed against the majority of its most-traded peers after a report showed services and manufacturing in Europe contracted in March and Standard & Poor’s lowered Cyprus’s long-term sovereign credit rating to CCC from CCC+ with a negative outlook.