Loonie firms after Bank of Canada report

Thu Apr 22, 2010 11:46am EDT
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TORONTO (Reuters) - The Canadian dollar firmed against its U.S. counterpart on Thursday morning after the Bank of Canada signaled it would raise rates from current record low levels.

The Canadian dollar firmed as high as C$0.9997, or $1.0003, after the central bank released its highly anticipated Monetary Policy Report.

The Bank of Canada said in the report that it was time to start withdrawing some of the unprecedented monetary stimulus that had helped pull Canada out of recession.

(Reporting by Jennifer Kwan; editing by Peter Galloway)