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Canadian Dollar Falls After Bank of Canada Rate Hike

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June 01, 2010 – Comments (0)

TORONTO (Reuters) - The Canadian dollar fell against the U.S. dollar on Tuesday morning after the Bank of Canada became the first Group of Seven central bank to raise interest rates since the financial crisis began.

The quarter-percentage point rate hike, which the market expected, brought the bank's key overnight rate to 0.50 percent, but the bank gave no indication of whether it would follow up with more rate increases.

At 9:25 a.m., the currency was at C$1.0534 to the U.S. dollar, or 94.93 U.S. cents, compared with Monday's close at C$1.0435 to the U.S. dollar, or 95.83 U.S. cents.

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