Is the Bank of Canada finally signalling an interest rate hike?

Stephen Poloz speaks out on interest rate hike

The Canadian dollar extended gains and investors ramped up bets of a rate increase as early as next month after Bank of Canada Governor Stephen Poloz reiterated the central bank may be considering higher interest rates.

The nation’s currency jumped 0.7 percent to C$1.3103 per U.S. dollar at 8:57 a.m. in Toronto. The loonie traded at 76.3 U.S. cents. Swaps trading suggests investors are placing a 65 percent chance of a rate hike at the bank’s July 12 rate decision, up from 39 percent Tuesday.

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