Economics
Canada Dollar Rises to 3-Week High on Bets of More U.S. Stimulus
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The Canadian dollar rose to its highest level in three weeks after Federal Reserve Chairman Ben S. Bernanke said the U.S. economy still isn’t strong enough to do without monetary stimulus.
The loonie, as the currency is nicknamed, strengthened for a fourth day after minutes of the Fed’s June meeting released yesterday showed many officials wanted to see more signs employment is improving before backing a reduction to bond purchases. Canada’s dollar also advanced versus the majority of its most-traded peers, including the currencies of its commodity-exporting counterparts, Australia and New Zealand. Home prices rose in May, a government report showed.