17.09 - USD/CAD seesaws around intraday high
- by George Solotarov
USD/CAD prints 0.40% intraday gain while trading near 1.3230 during the pre-European session on Thursday. The quote becomes no exception to the market’s major affection towards the US dollar after the previous day’s Federal Reserve (Fed) monetary policy meeting. Also please the pair buyers could be the weakness in oil prices, Canada’s biggest exports, as well as risk aversion that tames the commodity-linked currencies like the Canadian dollar (CAD).
While the equities are mourning over the Fed’s cautious optimism, commodities and the linked currencies are afraid of the US dollar’s gains. The US dollar index (DXY) adds over 0.33% to currently around 93.40 after rising to more than a one-week high of 93.60. Against this, stocks in Asia-Pacific and the S&P 500 Futures are down over 1.0% on average whereas the US 10-year Treasury yields drop one basis point to 0.679%.