By Commodity News Service Canada
Winnipeg, April 20 – The Canadian dollar settled near unchanged on Monday, after trading within a narrow range throughout the session.
The Canadian currency late in the afternoon was quoted at US$0.8177 or US$1=C$1.2230. This compares with Friday’s North American close of US$0.8178, or US$=C$1.2228.
Bank of Canada Governor Stephen Poloz gave a speech in New York on Monday that was generally seen as optimistic towards the Canadian economy. He reiterated recent comments that Canada’s economy is on pace to see 2% growth this year, and that further interest rate cuts aren’t on the table for the time being.
The Canadian government will release its 2015/16 budget on Tuesday, which could provide some direction for the currency.
Canadian bonds were mostly lower on the day, as investors reacted to Poloz’s relatively optimistic economic outlook.
