Poloz Calls Low Canada Dollar Icing on Cake for Exporters

Bank of Canada Governor Stephen Poloz called the depreciation of his country’s dollar “icing on the cake” for struggling exporters, and said monetary stimulus remains needed to restore the economy’s health.

The decline of Canada’s currency reflects broad strength in the U.S. dollar, which is also appreciating against currencies including Australia’s dollar and the euro, Poloz told the Senate banking committee late yesterday. That can have an “icing on the cake effect on exports,” he said.