There was disappointment from President Trump’s address to the Economic Club of New York yesterday; a speech that analysts felt he didn’t deliver the “constructive statement on China” that traders were expecting. Meanwhile Trump’s impeachment inquiry goes public on Capitol Hill.
The U.S. dollar was stable on Wednesday after consumer prices in October rose more than expected and Federal Reserve Chair Jerome Powell offered an optimistic outlook for the economy, further solidifying the case for the central bank to pause its monetary easing cycle. U.S. consumer prices jumped by the most in seven months in October, a report from the Labor Department showed, as the cost of healthcare surged by the most in more than three years. Powell on Wednesday said he saw “sustained expansion” ahead for the country’s economy, with low unemployment boosting household spending and the full impact of recent rate cuts still to be felt.
The CAD is a little weaker to the USD based on Powell’s comments, however we are still range bound and the longer it stays that way the bigger the move ultimately.
Currently Close Range
USDCAD 1.3241 1.3233 1.3229-1.3268
EURCAD 1.4568 1.4568 1.4563-1.4619
GBPCAD 1.6998 1.6998 1.6982-1.7059
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