Canada Dollar Gains as Stimulus Pledge Spurs Appetite for Risk
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The Canadian dollar rose against its U.S. counterpart as investors sought higher-yielding currencies amid speculation that gains in American payrolls won’t keep the Federal Reserve from maintaining stimulus to sustain growth.
The currency reversed an initial drop made after the Labor Department said U.S. employers added more jobs in April than forecast. The Federal Open Market Committee said May 1 it will maintain its bond buying under the quantitative-easing stimulus strategy at a pace of $85 billion a month until the labor-market outlook “has improved substantially.”