Canadian dollar hits new heights
CURRENCY FOCUS
The loonie hit a 14-year high against the US dollar on December 6, reaching 1.1530 (0.8673) – a figure not seen since January 1992 (see chart, bottom right).
Market participants say principal drivers behind the loonie renaissance are a combination of higher commodity prices, fiscal prudence in Canada and a central bank that is raising interest rates, higher trade surplus and an overall weaker greenback.
Firas Askari, managing director, foreign exchange trading at Bank of Montreal (BMO) in Toronto
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