The monetary unit of Canada drove to an all-time high against the common currency of the European Union on Thursday following the highly anticipated meeting of policymakers with the European Central Bank, Bloomberg reports.
After President Mario Draghi did not move forward with any stimulus measures, the Canadian dollar advanced against most rival monetary units though it was hardly changed against the U.S. dollar. Draghi said there is a plan to join regional governments and purchase sovereign bonds, and the details will come out during the next few weeks.
"It seems the ECB was caught off guard by the aggressive rhetoric from Draghi last week," chief currency strategist Dean Popplewell with OANDA told Reuters. "Draghi came out of the gate swinging. Once the market realized there was no firm action and that this is still a work in progress … risk-off was again applied rather quickly."
The Canadian dollar was barreling toward parity with the greenback on Thursday but then it backtracked, according to Reuters.
Losses to the dollar were linked with the ECB declining to commit to confronting the sovereign debt crisis' damaging tendencies.
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