Two leading Bay Street strategists expect the Canadian dollar’s steady climb over the last two months will start to top out at about 80 cents US, a level it flirted with on Monday amid signs of an increasingly robust economy.
The loonie, which ended Monday with an average trading price of 79.92 cents US, up 0.23 of a cent, has packed on more than seven cents since early May — a surge largely fueled by the vote of confidence earlier this month from the Bank of Canada in the form of the first hike to its benchmark rate in close to seven years.
The bank’s increasingly hawkish tone was bolstered Monday by the latest economic outlook from the International Monetary Fund. It’s closely watched quarterly update calls for Canada’s economy to spurt up by 2.5 per cent in 2017, a rise from the 1.9 per cent projected in its spring outlook.
Read full story here: ‘Energizer Bunny’ Loonie To Peak Near 80 Cents US: Experts | CTV News
