CAD Drops after BoC Calls Current Rate Appropiate

The Canadian dollar weakened against its U.S. counterpart after the Bank of Canada indicated it won’t raise interest rates anytime soon.
Canada’s currency, nicknamed the loonie for the image of the aquatic bird on the C$1 coin, fell versus the majority of its 16 most-traded peers as BOC Governor Mark Carney softened language about tighter policy for the second meeting in a row, saying inflation will “remain low in the near term‘‘ in an economy with ‘‘material excess capacity.’’ The central bank kept its benchmark rate at 1 percent as gross domestic product and consumer prices have risen less than expected.

via Bloomberg

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