Canada Dollar Declines Most in 2 Months Amid Fed Tapering Talk
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The Canadian dollar posted its biggest loss in more than two months versus its U.S. peer after Federal Reserve Chairman Ben S. Bernanke said monetary stimulus that involves printing the U.S. currency could slow this year.
Canada’s dollar rose against that of commodity-exporting counterpart New Zealand before a report tomorrow forecast to show inflation picked in May. The greenback gained against the majority of its 16 most-traded peers after Bernanke said yesterday the central bank will probably taper its $85 billion in monthly bond buying later in 2013 and halt purchases around mid-2014 as long as the economy performs in line with Fed projections.