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Forex News: Canadian Dollar Extends Rally As Poloz Backs Rate

Canadian Dollar Extends Rally As Poloz Backs Rate Hike Move

06/13/2017 - 10:35:00 (RTTNews)

(RTTNews) - The Canadian dollar continued to be higher against its major counterparts in early New York deals on Tuesday, after the Bank of Canada governor Stephen Poloz remarked that the nation's interest rates are too low for an economy that had emerged from the oil price shock.

In an interview with CBC Radio, Poloz indicated that rates have been "extraordinarily low" and the bank's previous rate cuts have "done their job."

"What that suggests to us is that the interest rate cuts we put in place in 2015 have largely done their work," Poloz added.

His comments echoed those made by the BoC Deputy Governor Carolyn Wilkin on Monday, when she cited "pretty impressive" first-quarter GDP growth and argued the need to reconsider ultralow interest rates in place.

"As growth continues and, ideally, broadens further, Governing Council will be assessing whether all of the considerable monetary policy stimulus presently in place is still required," Wilkins said. "At present, there is significant monetary policy stimulus in the system."

Investors a slew of central bank meetings this week for directional clues.

The Fed is widely expected to hike its fed funds rate by 25 basis points, but investors will parse the policy statement for any fresh hints on the pace of further tightening.

The Bank of England and the Bank of Japan will announce their monetary policy decisions on Thursday and Friday, respectively.

U.S. Attorney General Jeff Sessions will testify in public to the Senate Intelligence Committee later today to explain his role in the Russia investigation.

The loonie has been trading in a positive territory in the previous session.

The loonie strengthened to near a 2-week high of 0.9963 against the aussie and a 2-month high of 1.3232 against the greenback, compared to Monday's closing values of 1.0047 and 1.3324, respectively. On the upside, 0.98 and 1.31 are likely seen as the next resistance levels for the loonie against the aussie and the greenback, respectively.

The loonie that closed Monday's trading at 1.4922 against the euro and 82.49 against the yen climbed to a multi-week high of 1.4830 and near a 3-week high of 83.26, respectively. The next possible resistance for the loonie is seen around 84.00 against the yen and 1.46 against the euro.

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