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Canadian dollar coins
Canadian dollar coins
(JONATHAN HAYWARD/THE CANADIAN PRESS)

Dollar’s slide not intended, but still very welcome to Poloz

Bank of Canada boss Stephen Poloz is never going to say that he’s engineering the Canadian dollar downward. But he’s not denying that a weaker loonie will help him address some of his priorities – and it’s clear that his words and actions are helping the currency get there.

“Our job is to focus on inflation,” he said in Wednesday’s press conference following the release of the Bank of Canada’s latest policy-setting statement and quarterly monetary policy report (MPR), which expressed deepening concern about Canada’s disinflationary trend and hinted that an interest-rate cut was not out of the question. “The exchange rate is one of those residual items that happens to move in this complex mechanism that’s, really, the market.”