Canadian dollar climbs on hawkish central bank comments

by Jonathan Adams

The Canadian dollar rose to its highest level in nearly two months on Tuesday, buoyed by hawkish comments from Canada’s central bank, while worries about UK political uncertainty dented sterling.

At one point, the Canadian dollar was at its strongest since April 17, at C$1.3274 per U.S. dollar, extending gains after climbing more than 1 per cent on Monday. The loonie last traded at C$1.3293, up around 0.2 per cent on the day.

Bank of Canada Senior Deputy Governor Carolyn Wilkins said on Monday first-quarter growth was “pretty impressive” and that signs economic growth was broadening would lead the central bank to consider whether current low rates would still be required.

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