The US dollar dipped to a 5-day low versus the Canadian dollar. The US dollar Canadian dollar exchange rate hit a nadir of 1.3160, before closing the session down 0.4% on the day at 1.3172. This was the third consecutive losing session for the pair. The dollar is extending those losses versus the Canadian dollar in early trade on Thursday.<\/p>\n
The Federal Reserve sent the US dollar sharply lower across the board on Wednesday. The Fed kept monetary policy unchanged as expected. However, the central bank\u2019s concerns over inflation and the health of the global economy weighed on demand for the greenback. Federal Reserve Chair Jeremy Powell said that monetary policy was appropriate at its current level. The central bank would need to see a significant and persistent increase in inflation to consider hiking rate. The more dovish than expected comments and the fact that the dot plat, which shows the future path of inflation, indicated no changes to policy across next year, weighed on the dollar.<\/p>\n
Some analysts consider that the dollar overacted to the announcement given that there was no new information.<\/p>\n
Trade headlines will remain in focus today as investors continue attempting to gauge whether the US will apply the tariff hike on 15th<\/sup> December.<\/p>\n There was no high impacting Canadian data to drive the Canadian dollar in the previous session. The Loonie was unable to capitalise further on post Fed dollar weakness given that the price of oil also dropped sharply following the Federal Reserve\u2019s assessment f the US economy and the risks it faces. West Texas Intermediate closed Wednesday\u2019s session 0.5% lower., which will have weighed slightly on the commodity sensitive Canadian dollar.<\/p>\n Gains in the Canadian dollar could come under pressure as investors look ahead to a speech by the Bank of Canada\u2019s President Stephen Poloz. There is potential for Stephen Poloz to react dovishly to the dismal Canadian jobs data. Just last week the BoC left its monetary policy on hold at 1.75% as it pointed to a resilient economy and early signs the global economy was stabilising. This will be his first speech since he announced that he would be stepping down when his seven-year term ends in June.<\/p>\n The US dollar dipped to a 5-day low versus the Canadian dollar. The US dollar Canadian dollar exchange rate hit a nadir of 1.3160, before closing the session down 0.4% on the day at 1.3172. This was the third consecutive losing session for the pair. The dollar is extending those losses versus the Canadian dollar […]<\/p>\n","protected":false},"author":163946597,"featured_media":65135,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1381],"tags":[1706,1680,1683,1399,1408,1438,1522,1980,1479,1431,1400,1397,1398],"class_list":{"0":"post-83571","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-usd","9":"tag-boc","10":"tag-cad","11":"tag-canadian-dollar","12":"tag-china","13":"tag-fed","14":"tag-federal-reserve","15":"tag-oil","16":"tag-stephen-poloz","17":"tag-trade-talks","18":"tag-trade-war","19":"tag-trump","20":"tag-us-dollar","21":"tag-usd"},"acf":[],"yoast_head":"\nWill Stephen Poloz Drag Loonie Lower?<\/strong><\/h3>\n
\nCurrencylive.com<\/em> is a news site only and not a currency trading platform.<\/em><\/h6>\n
Currencylive.com is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"