The Canadian dollar weakened as much as 1.3360 this morning, however at a speech in New York, Federal Reserve Chairman Jerome Powell said that the gradual interest-rate hikes are meant to balance risks as it tries to keep the economy on track. He also said that there was “a great deal to like” about U.S. prospects, Powell offered few clues on how much longer the U.S. central bank would raise interest rates in the face of a slowdown overseas and market volatility at home. Instead he highlighted a new financial stability report the Fed published earlier on Wednesday.
The Canadian dollar rallied back to below yesterday’s closing level and it’s now trying to find a new range.
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