Jim Flaherty, Canadian Minister of Finance, said today that he is glad to see Canadian dollar losing against U.S. dollar on Forex, after there were almost three month of unstoppable appreciation of the Canada’s currency. As the rallying Canadian dollar’s appreciation hurts exporters, Canada’s economy could be at the risk, giving government another concern to worry about.
Minister spoke at the Oshawa Chamber of Commerce at the meeting entitled “Moving Canada Forward”:
The Canadian dollar appreciated at a volatile pace in the last few months, which is always a concern.
Since hitting its historical minimum on November 7th USD/CAD rose from 0.9056 to 0.9887. Thus dollar gained more than 9.1 percents against loonie in about two weeks term. The speech by Jim Flaherty could be a signal to Forex traders, that Canadian government would like to see CAD trace back to at least 1:1 rate.
(Based on the materials by Reuters.)
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