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Canada Dollar Reaches Four-Month High With Central Bank on Hold

  • Currency outperforms developed nations as crude oil rebounds
  • Central bank sees balanced risks for growth and inflation
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BCN Keeps Benchmark Interest Rate Unchanged

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The Canadian dollar reached its highest level in four months after the central bank kept its benchmark interest rate unchanged and said an economic recovery led by non-energy exports remains on track even after a sustained run of strength in the currency.

The currency has been the top performer in the developed world since the central bank refrained from cutting interest rates at its Jan. 20 meeting as the price for crude oil, until last year the nation’s largest export, rebounded from a 13-year low.