Canadian dollar hits 80-cent US mark amid further signs of economic strength
TORONTO — The loonie hit 80 cents US on Monday, a level it hasn’t closed at in more than two years, against a weakening in U.S. currency and amid further signs of a strengthening Canadian economy.
The Canadian dollar, which ended up with an average trading price of 79.92 cents US, up 0.23 of a cent, has been steadily climbing over the last two months.
Since early May, it has added more than seven cents. Its upward march has been fuelled by the Bank of Canada’s decision earlier this month to raise its key benchmark interest rate for the first time in close to seven years.
There are now expectations that one or possibly two more rate hikes could be in the offing before the end of the year as signs continue to point to a robust economy.