Canadian dollar passes 80 cents US for the first time since 2015
The currency has been climbing since the middle of June when the Bank of Canada started hinting it might raise interest rates
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TORONTO—The Canadian dollar broke above 80 cents US this morning amid a weaker U.S. currency. The Canadian dollar hasn’t closed above 80 cents US since June 30, 2015.
The currency has been climbing since the middle of June when speculation the Bank of Canada might raise interest rates started in earnest. The central bank hiked its key interest rate on July 12, its first rate increase since 2010.
Meanwhile, Canada’s main stock index pulled back moderately as gold and materials stocks lost ground.
The S&P/TSX composite index was down 52.48 points at 15,130.65 after about 45 minutes of trading.
In New York, the Dow Jones industrial average was down 47.97 points to 21,532.10. The S&P 500 index dipped 3.68 points to 2,468.86 and the Nasdaq composite gained 3.17 points to 6,390.92.