US Dollar vs Canadian Dollar: The Federal Reserve surprised the market late yesterday by increasing the discount rate from 0.5% to 0.75%. The move signaled to markets a possible slow down in economic activity and thus saw investors revert to the risk off trade. Equities and commodities prices retreated on the back of the rate move with the USD/CAD soaring 120 points higher to 1.0520. The Canadian Retail Sales was released earlier today printing solid growth figures creating a boost for the Loonie to 1.0495.
- I expect a trading range of 1.0450 and 1.0550.
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