Canadian Dollar Rises as Economy Gains Pace Before BOC Meeting

The Canadian dollar rose the most in two weeks after a report showed the economy grew at a faster rate than estimated with policy makers meeting Wednesday to consider further monetary stimulus.

The Bank of Canada meeting follows its decision in January to reduce interest rates as plunging crude oil prices placed a drag on the economy. Central bank Governor Stephen Poloz said last week the rate cut buys time to “see how the economy actually responds.” The fourth quarter economic growth rate exceeded projections, while the components of output painted a mixed picture.