CANADA FX-C$ rises after Bank of Canada releases outlook

Wed Oct 20, 2010 10:45am EDT
 
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TORONTO Oct 20 (Reuters) - The Canadian dollar rose against the U.S. currency on Wednesday morning after the Bank of Canada released its Monetary Policy Report, which said there was still considerable monetary stimulus in place in Canada.

The central bank, which left its benchmark interest rate unchanged on Tuesday, also said it would have to consider any further rate hikes carefully, given the patchy global recovery, a weak U.S. outlook and expected curbs on Canadian growth. [ID:nBCLKLE621]

The Canadian dollar CAD=D4 rose to C$1.0265 to the U.S. dollar, or 97.42 U.S. cents, up from Tuesday's finish at C$1.0319 to the U.S. dollar, or 96.91 U.S. cents. (Reporting by Ka Yan Ng; editing by Peter Galloway)