By Commodity News Service Canada
June 14 (CNS Canada) – The Canadian dollar continued its steady climb Wednesday morning, reaching 75.75 US cents (US$1=C$1.32) at 9 a.m. CDT compared to its U.S. counterpart.
The climb follows comments from the Bank of Canada over two straight days that suggested an increase in interest rates. The loonie has climbed 2.5 per cent since Friday.
The U.S. dollar remains steady against the euro, but it is posting losses relative to the Canadian dollar and other currencies from the so-called commodity bloc countries.
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On Thursday, June 8, the Bank of Canada expressed concerns over Canadian’s high rate of debt. An increase in mortgage lending in Toronto and Vancouver is seen as behind the increase in debt ratio and the situation leaves many Canadians vulnerable to mortgage rate increases.
The bank singled out uninsured mortgages and increases to lines of credit tied to mortgages as having increased significantly since the last review.
However, the central bank added in its semi-annual Financial System Review, that on the whole, the Canadian economy is strong.
The Toronto Stock Exchange was weaker at 10:35 CDT, down 114.48 points at 15,265.27.
