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Posted March 27th, 2015 by Charles Purdy

Canadian dollar gathers momentum

The Canadian dollar had a good day on Thursday as it jumped up against its biggest rival, the US dollar. Bank of Canada Governor, Stephen Poloz, mentioned that January’s surprise rate cut had “bought some time” to examine the effects of lower oil prices. Speaking in London, Poloz said the Bank of Canada was continuing to closely monitor oil prices, and would do what was necessary to keep inflation near its 2% target.

Thursday also saw the New Zealand dollar drop off from its recent strong positon, but the losses were minimised thanks to Wednesday’s widely disappointing US data.

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