Loonie at Lowest Since ’09 Not Weak Enough for Poloz
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Bank of Canada Governor Stephen Poloz is giving investors the green light to push the nation’s currency, the worst-performing major exchange rate over one- and six-month periods, even lower.
The Canadian dollar weakened to the lowest in 4 1/2 years against its U.S. counterpart after Poloz left the main interest rate unchanged yesterday and said the strength of the currency is hurting exporters. Hedge funds and other large speculators have already amassed near-record bets this year for the local dollar to decline as Canada’s trade deficit came in nine times wider than forecast and a report showed the country shed jobs in December.