Canada’s dollar strengthened to almost parity with its U.S. counterpart as stock-index futures advanced before the Federal Reserve concludes its meeting today with a policy statement.
The currency rose to the highest since May yesterday, capping its second monthly advance on speculation the Fed and the European Central Bank will extend measures to stimulate economic growth amid evidence the global recovery is stalling. The so-called loonie rose to the highest since March against the U.K. pound.
“The risk is that expectations have got a bit inflated,” Adam Cole, global head of foreign-exchange strategy at Royal Bank of Canada’s RBC Capital Markets unit, said by phone from London. “Selling rallies in risk is the right way to be positioned.”
Canada’s currency strengthened as much as 0.3 percent to C$1.0040 per U.S. dollar, approaching the C$1.0003 it reached yesterday, the strongest level since May 15. It traded at C$1.0016 at 7:57 a.m. in Toronto, up 0.1 percent. One Canadian dollar buys 99.84 cents. It climbed for a fourth day to C$1.5661 against the pound.
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