Loonie at 75.84 U.S. cents
strengthened to a two-week high against its U.S. counterpart on Wednesday, as the Bank of Canada raised interest rates further and data showed U.S. inflation cooling to its slowest pace in more than two years.
“The Bank of Canada’s 25 basis-point rate hike provided a boost to the loonie as the move wasn’t fully priced into the market,” said Benjamin Reitzes, Canadian rates & macro strategist at BMO Capital Markets. The BoC hiked its benchmark interest rate by a quarter of a percentage point to a 22-year high of 5.0 per cent, and said it could raise rates further because of the risk that inflation stalls above its 2 per cent target.
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