The Canadian dollar gained three-quarters of a cent and hit its highest level in four months on Wednesday after Canada's central bank head hinted in an interview that rate hikes could be coming sooner rather than later. In an interview with U.S. financial network CNBC, Stephen Poloz said rate cuts implemented in 2015 after the price of oil collapsed have had their desired effect. That lit a fire under the loonie, which at one point was up 0.81 of a cent to 76.58 cents US. Currently, most economists still expect the central bank to keep its trend-setting interest rate at 0.5 per cent at the meeting. Her speech is likely to receive increased scrutiny given the loonie's reaction to Poloz earlier in the day.

Source: CBC News June 28, 2017 15:45 UTC