The US dollar surged across the board as the Fed surprised with a hawkish statement, especially regarding the labor market. In this sea of USD strength, there is one currency that stands out: the Canadian dollar. No, wasn’t strong enough to come on top against the greenback, but it weakened less than others, with USD/CAD eventually falling back under 1.12. The Federal Reserve had a more upbeat picture of the US labor market: “solid job gains” and “diminishing underutilization” were not what markets had in mind. Also the view about inflation was not that worried and no mention about global worries appeared in the text. Together with a dovish dissenter (for a change), the result was a stronger dollar. USD/CAD did rise above 1.12 and peaked just above 1.1220, but this is still far below the levels seen in the previous dollar storm. A stabilization in oil prices was one of the things that boosted the loonie. However, there’s another reason to be constructive on the C$: a stronger US economy means more demand for Canadian goods. This is usually more important than oil prices. Just after the Fed decision, the governor of the Bank of Canada spoke, but didn’t say anything materially new. More CAD: USDCAD: Declines, Eyes Further Downside Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Fed Fallout: EUR/USD loses support, forms H&S pattern Yohay Elam 7 years The US dollar surged across the board as the Fed surprised with a hawkish statement, especially regarding the labor market. In this sea of USD strength, there is one currency that stands out: the Canadian dollar. No, wasn't strong enough to come on top against the greenback, but it weakened less than others, with USD/CAD eventually falling back under 1.12. The Federal Reserve had a more upbeat picture of the US labor market: "solid job gains" and "diminishing underutilization" were not what markets had in mind. Also the view about inflation was not that worried and no mention about global… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
