pofme.com Loonie Resumed its Rise
Against U.S. Dollar
Posted by POFME.com on April 23rd,
2010
The Canadian dollar resumed today the rise against
its U.S. counterpart, after it dropped yesterday,
on speculation that the central bank will increase
the interest rates, signaling about the waning need
for stimulus measures.
The Bank
of Canada reported that the economic growth will
expand by 5.8 percent through the first quarter,
while inflation will rise to 2 percent in the third
quarter of 2010 and remain near that level until
the end of 2012.
Mark Carney, the Governor of the Bank of Canada,
explained that he dropped the conditional pledge
to hold the rates at the record low level till July
as it is no longer necessary.
The evidences that the central bank will raise
the interest rates are becoming stronger.
The analysts say that the Canadian currency has hard
time to remain at parity at present, but in the long
run it should outperform the greenback.
USD/CAD traded today at about 0.9989 as of 18:24
GMT after opening at 0.9995 and reaching its daily
low of 0.9958. EUR/CAD traded near 1.3301 after
opening at 1.3385.
If you want to comment on the Canadian dollar’s
recent action or have any questions regarding this
currency, please, feel free to reply below.
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