Wed, October 20, 2004 *Canadian dollar trades above 80 cents US, highest point in more than a decade*
TORONTO (CP) - The Canadian dollar traded above 80 cents Wednesday morning, a day after the Bank of Canada raised its key policy interest rate by a quarter point to 2.50 per cent.
The move - the bank's second rate hike in as many months - was widely expected by financial markets and quickly matched by major commercial banks.
The loonie opened up 0.59 of a cent at 80.14 cents US, its highest point in more than a decade.
Earlier this month, the Canadian dollar traded above 80 cents US for the first time in more than a decade as a jump in job-creation in September pushed unemployment down to the lowest rate in three years.
The loonie last closed above 80 cents US in March 1993.