The Canadian dollar advanced against the world's reserve currency on Thursday as speculation about the U.S. preparing to employ monetary stimulus to boost the world's largest economy continued its crescendo, The Canadian Press reports.
Climbs among the commodity complex also benefited the loonie, which supports an economic system based on the export of the nation's rich supply of natural resources. The nations enjoy close relations for trade and commerce so economic developments typically impact one anothers' economies and monetary units' performances.
Benefits to the loonie come on the heels of the first-ever lecture by a leader of the central bank of Canada to the Canadian Auto Workers' union.
Governor Mark Carney with the Bank of Canada on Wednesday sharply addressed Canadian firms and suggested they can do more to help spur development in the economy and create employment opportunities, according to The Globe and Mail.
He did acknowledge that some companies might be fearful and apprehensive about bleak and perilous prospects looming in the global economy. But he said the institution he leads is there and will be diligent and vigilant in its efforts to stave off a crisis.
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