Canadian dollar strengthens against US dollar

K.T. Jagannathan

The Canadian dollar was trading higher at 0.759 against the American currency, moving away from a three-week low reached in the previous session. The CAD firmed up after the country’s central bank left its benchmark interest rate unchanged at the effective lower bound of 0.25%. The Bank also announced that it would continue its quantitative easing program. It hinted that it could buy government bonds worth CAD 5 billion a week.

The Canadian currency was trading higher at 0.5841 against the British Pound at 4.21 p.m. GMT. In fact, CAD firmed up against most major currencies such as the Euro, the Japanese Yen, Chinese Yuan, and the Indian Rupee. Against the Indian Rupee, CAD was trading higher at 55.7173 at 4.23 p.m. The Canadian currency was quoting at 0.6433 against the Euro at 4.31 p.m. CAD was trending at 80.7889 against the Japanese Yen at 4.33 p.m.

Canada's 10-year bond yield was 0.56 per cent on Wednesday i.e. September 9, according to over-the-counter inter-bank yield quotes for this government bond maturity.

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