Canadian Dollar Advances as Bank Outlook Overshadows Rate Cut

By Chris Fournier. April 21 (Bloomberg). Canada’s dollar strengthened from a three-week low as easing concern about the level of capital at U.S. lenders overshadowed the Bank of Canada’s reduction in its key interest rate to a record low.

The currency gained as North American stocks rallied after Treasury Secretary Timothy Geithner said most U.S. banks have more capital than needed. It fell earlier after the Canadian central bank cut its target rate for overnight bank loans to 0.25 percent, the lowest since the institution was established in 1934.

LEER MAS