Canada is on Top

Well, their currency is on top on the United States’ anyway. Yesterday, the loonie traded at $1.0652 per U.S. Dollar. This is the strongest rise for the Canadian dollar since October.. This rise has garnered speculation that the nation’s central bank will intervene to weaken the Canadian dollar. It is unlikely though, the central bank has not done transactions in foreign-exchange markets to affect the currency’s value since 1998. It has remained this way even when the dollar set record highs and lows against the loonie. The only reason to do this would be because a stronger Canadian dollar makes the nation’s exports more expensive. If it happens, it will be announced on the Canadian Central Bank website. Again, highly doubtful, but we will see what happens. Way to go Canada!

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