Canadian exchange rate key to monetary policy

The exchange rate of the loonie is a key element of the Bank of Canada's monetary policy framework, said Paul Jenkins, the senior deputy governor at the central bank.

Jenkins told lawmakers last Wednesday: "Without a floating exchange rate, we would not have the ability to conduct an independent monetary policy appropriate to our domestic situation."

Given this, Jenkins said that the central bank did not have a target for the Canadian dollar. Despite the recent bout of volatility against the

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