Canadian Dollar Gains Most in Year as Poloz Says Rates to Rise

The Canadian dollar gained the most in almost a year versus its U.S. peer as Bank of Canada Governor Stephen Poloz in his first public comments reiterated his predecessor’s view that rates will rise as the economy grows.

The currency briefly weakened before extending gains as Poloz, who took office on June 3, said he expects a recovery in foreign demand to boost exports. He added that he won’t give “running commentary” on whether the nation’s currency is overvalued. The unemployment rates in Canada and the U.S. are forecast to remain unchanged when they are reported tomorrow.