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Look for Canadian Dollar Strength After Bold BoC Rate Hike

Look for Canadian Dollar Strength After Bold BoC Rate Hike

2010-06-01 14:22:00
Antonio Sousa, Chief Strategist
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This morning, the Bank of Canada raised its benchmark interest rate by 25 bps from a record low of 0.25. “Activity in Canada is unfolding largely as expected” and “going forward, household spending is expected to decelerate to a pace more consistent with income growth” the BoC said. This is a bold move given the high level of uncertainty surrounding the global economy. However, this rate hike still leaves considerable monetary stimulus in place and we think the Canadian dollar is likely to perform well going forward, in particular against the Euro and the Australian and New Zealand dollars.

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