Canadian dollar hits 30-year high
Afp, Ottawa
The Canadian dollar surged to a 30-year high at 91.65 cents US, up 0.41 of a cent in morning trading, amid a roaring economy and a looming interest rate hike, economists said Friday. This level has not been seen since October 1977, said Marc Levesque, chief economist at TD Securities. If the trend continues, analysts predict parity with the US dollar by September. The loonie, a sobriquet given to the Canadian dollar, opened earlier at 91.24 cents US, according to the Bank of Canada. Its jump in value is due to "growing anticipation of a key interest rate hike by the central bank," Levesque told AFP.
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