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Market Update: Canadian Dollar Hits 4-week Low
The Canadian dollar held around 1.21 against the greenback in June, close to 2018 levels, following the Bank of Canadas decision to leave interest rates and the pace of the quantitative easing program unchanged. Policymakers noted there still was excess capacity in the Canadian economy and that the recovery continued to require extraordinary support from monetary policies. The Canadian central bank was the first among advanced economies to slow the pace weekly of government bond purchases, now traders expect the next taper to come at the next monetary policy meeting on July 14th. Also, oil prices, one of Canadas major exports, rose to $70.5 per barrel amid signs of strong fuel demand in western economies. [/s2If]
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