Canadian Dollar Tumbles After Bank of Canada Cuts Rates
Wall Street Journal - Jan 21, 2015
The Canadian dollar dropped sharply lower Wednesday after the Bank of Canada caught markets by surprise by cutting its key overnight target rate to 0.75% from the 1% level it has maintained since September 2010.
It had lost 1.5% since late Tuesday by midday trading.
The U.S. dollar was most recently at $1.2305 Canadian dollars, up from $1.2114 Canadian dollars at Tuesday’s close, according to data provider CQG.
The U.S. dollar’s session high at $1.2315 Canadian dollars marks its highest point since April 2009 in the midst of the global recession.
