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MNI BRIEF: BOC Says CAD Hasn't Weakened Much Since Rate Cuts

Governor Macklem testifies at Senate.
Bank of CanadaCentral Bank NewsPolicy NewsHomepageCanadaBriefGlobalStoryRegionNorth America

MNI (OTTAWA) - Bank of Canada Governor Tiff Macklem said Wednesday the country's dollar hasn't weakened much over a time when domestic interest rates have declined more than in the United States.

“To be honest, it hasn’t actually moved that much,” he said while answering questions at the Senate's banking committee, pointing out the exchange rate is about 72 U.S. cents now from about 74 cents earlier this year. Macklem reiterated testimony yesterday that the BOC isn't close to the limit of how far Canadian and U.S. borrowing costs can diverge and that lower interest rates are justified by Canada's relatively weaker economy. (See: MNI INTERVIEW: BOC Justified To Cut 50BPS More In Dec-Kronick)

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MNI (OTTAWA) - Bank of Canada Governor Tiff Macklem said Wednesday the country's dollar hasn't weakened much over a time when domestic interest rates have declined more than in the United States.

“To be honest, it hasn’t actually moved that much,” he said while answering questions at the Senate's banking committee, pointing out the exchange rate is about 72 U.S. cents now from about 74 cents earlier this year. Macklem reiterated testimony yesterday that the BOC isn't close to the limit of how far Canadian and U.S. borrowing costs can diverge and that lower interest rates are justified by Canada's relatively weaker economy. (See: MNI INTERVIEW: BOC Justified To Cut 50BPS More In Dec-Kronick)