Loonie climbs after Bank of Canada raises growth expectations, holds key rate

TORONTO — The Canadian dollar got a lift today following the Bank of Canada's decision to raise growth expectations for the year while holding its key interest rate.

The loonie climbed 0.33 of a cent to 75.34 cents US.

The currency's strength didn't come from oil, which fell after finishing higher for six consecutive days.

The May crude contract lost 29 cents at US$53.11 per barrel.

On the markets, Toronto's S&P/TSX composite index was down 78.71 points to 15,648.40.

In New York, the Dow Jones industrial average lost 59.44 points to 20,591.86, the S&P 500 index shed 8.85 points to 2,344.93 and the Nasdaq composite index was down 30.61 points to 5,836.16.

Investors continued to buy gold as a hedge against global uncertainty.

The June gold contract was up $3.90 at US$1,278.10 an ounce after hitting a five-month high Tuesday.

May copper contracts were down six cents at US$2.55 a pound, while May natural gas contracts were up four cents at US$3.19 per mmBTU.

The Canadian Press

Read More: News, Business



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