15 Jul 2015
USD/CAD jumps on Yellen remarks, eyes BoC rate decision
FXStreet (Córdoba) - USD/CAD received a boost from Fed Yellen’s hawkish comments and jumped to fresh highs as investors await the Bank of Canada monetary policy decision.
The US dollar strengthened across the board after Fed Chair Janet Yellen reiterated a rate hike would be appropriate “at some point” this year according to the text of her semiannual testimony before the Congress.
USD/CAD rose more than half a cent as knee-jerk reaction and touched a peak of 1.2797 in recent dealings. At time of writing, the pair is trading at 1.2790, recording a 0.50% gain on the day.
Attention now turns to Bank of Canada monetary policy decision due at 14:00 GMT, with analysts split between a 25 bps rate cut and no changes.
The US dollar strengthened across the board after Fed Chair Janet Yellen reiterated a rate hike would be appropriate “at some point” this year according to the text of her semiannual testimony before the Congress.
USD/CAD rose more than half a cent as knee-jerk reaction and touched a peak of 1.2797 in recent dealings. At time of writing, the pair is trading at 1.2790, recording a 0.50% gain on the day.
Attention now turns to Bank of Canada monetary policy decision due at 14:00 GMT, with analysts split between a 25 bps rate cut and no changes.