strengthened to its highest level in more than two months against its U.S. counterpart on Thursday as equity markets rose and after the Bank of Canada pushed back against the notion it would soon shift to interest rate cuts.
The gain for the loonie came as Wall Street shares rose after data showed the U.S. economy expanded at a faster-than-expected pace in the fourth quarter. Canada sends about 75 per cent of its exports to the United States, including oil. BoC Governor Tiff Macklem on Wednesday said he was focused on whether interest rates would need to go higher and was not even considering a cut.
After Canada’s central bank posted its first ever quarterly loss, the federal government plans to introduce legislation enabling the central bank to retain profits rather than remit them to the government, Macklem said.
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