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Canada Dollar Weakens to Lowest Since 2010 Amid Rate Speculation

The Canadian dollar weakened beyond C$1.08 per U.S. dollar for the first time in more than three years after Bank of Canada Governor Stephen Poloz said he’s under no pressure to raise interest rates.

The currency fell versus most major peers after Poloz said while he has room to cut rates to prevent deflation, keeping them steady until data dictate otherwise is best. He spoke in an interview broadcast yesterday by the Canadian Broadcasting Corporation. The consumer price index has been below the bank’s 2 percent target for 19 months. Federal Reserve meeting minutes showed U.S. policy makers saw waning benefits to their stimulus, while data showed American company hiring climbed last month.