Saturday , 21 April 2018

Home » RESOURCES » MARKET » Canadian dollar rallies as US dollar falters on Fed stance

Canadian dollar rallies as US dollar falters on Fed stance

The Canadian dollar snapped back from six-year troughs versus the US dollar Wednesday, its largest one-day move since September 2011, as the Federal Reserve hinted a more cautious outlook for economic growth and reduced its projected interest rate direction.

The US central bank dropped the term “patient” from its statements regarding rate hikes although its more dovish prediction made the increase less possible.

Fed’s economic forecast is not necessarily negative, but is not somewhat as upbeat as we were seeing back in December’s meeting,” said Lennon Sweeting, Currency Strategist at USForex.

The loonie was 2% higher at C$1.2570 per greenback or 79.55 US cents, from Tuesday’s C$1.2785 or 78.22 US cents.

On other news, the Canadian wholesale sales for January marked the biggest decline in six years.
The material has been provided by InstaForex Company – www.instaforex.com

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.

Canadian dollar rallies as US dollar falters on Fed stance Reviewed by on . The Canadian dollar snapped back from six-year troughs versus the US dollar Wednesday, its largest one-day move since September 2011, as the Federal Reserve hin The Canadian dollar snapped back from six-year troughs versus the US dollar Wednesday, its largest one-day move since September 2011, as the Federal Reserve hin Rating:
scroll to top