The Canadian Dollar managed to rise the most since January as the central bank of the nation kept its key lending rate at an all-time low of 0.25%, dropped a promise to keep it unchanged till the month of June and said that it will commence lifting the rates mainly on the back of faster-than-anticipated economic growth and inflation.

The currency of the nation marched forward to parity with the US Dollar on April 06 for the first time in nearly 2 long years on speculations that interest rates in Canada would rise faster than in the US. 5 out of the 15 economists in a Bloomberg survey estimated that the benchmark rate would rise before the end of June rolls in.

"Dropping the conditional pledge is a very strong pointer to a rate hike coming as soon as June. It makes you wonder why they didn't go today. Given the overall tone here, this is a very strong statement on the near-term outlook for the Canadian economy", said Shaun Osborne, Chief Currency Strategist in Toronto at Toronto-Dominion Bank, which is the country's second-largest lender.

The Canadian Dollar rose by as much as 1.3% to C$1.0012 against the U. S. Dollar in morning trading in Toronto, after hiking by as much as 1.4%, the biggest single day gain since January 04.