The Canadian dollar appreciated sharply vis-à-vis the U.S. dollar today as the greenback tested bids around the C$ 1.2065 level and was capped around the C$ 1.2305 level. Finance minister Flaherty said Canada’s economic difficulties require a significant budgetary response. Prime Minister Harper’s minority Conservative government delivered a budget yesterday that offered a C$ 40 billion two-year stimulus package. The government is predicting a C$ 85 billion budget deficit over five years. U.S. dollar bids are cited around the C$ 1.1815 level.
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