C$ extends gains after Poloz reaffirms rate cut ‘insurance’

TORONTO: The Canadian dollar strengthened to a session high against the U.S. dollar on Tuesday after Bank of Canada Governor Stephen Poloz reiterated the bank's position that the surprise interest rate cut in January bought time to see how the economy was responding to a decline in oil prices.

The Canadian dollar hit C$1.2516 to the U.S. dollar, or 79.90 U.S. cents, stronger than prior to his comments and stronger than Monday's finish of C$1.2576, or 79.52 U.S. cents.