Economics
Canadian Dollar Advances as Central Bank Sees Economic Rebound
- Bank of Canada keeps its interest-rate target unchanged
- Alberta oil fires crimp output as prices near $50 a barrel
Canada Holds Key Rate Steady
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The Canadian dollar strengthened from near a seven-week low after the nation’s central bank held its interest-rate target unchanged and said economic growth would rebound next quarter.
The loonie gained as the Bank of Canada kept its benchmark interest rate at 0.5 percent, matching forecasts in a Bloomberg survey. Policy makers lowered their expectations for growth in the three months through June due to wildfires that have raged in Alberta, but said growth will return as oil production resumes. Crude prices rose to almost $50 a barrel.