Given the Fed's middle-of-the-road statement that the end is somewhere nearer rather than further, it implies that the (U.S.-Canada) interest rate differential is going to narrow, and that is favorable for the Canadian dollar.
More Quotes from Jack Spitz:
Model names and momentum accounts are looking at buying Canada and (International Money Market futures) names are on it already.Jack Spitz
There's support for the Canadian dollar because fundamentally the numbers that were released this morning were still not bad enough to continue to see the Canadian dollar weaken.
Jack Spitz
I do see the Bank of Canada looking to raise rates, and the converging yield curve between Canada and the United States will continue to underpin the Canadian dollar.
Jack Spitz
A hawkish tone is already priced into the markets, both in the yield curve and on the currency. It was the big event risk of the week and he did live up to market expectations.
Jack Spitz
I'm looking for dollar Canada to trade within the well-defined C1.1370-C1.15 range ahead of the tier-one economic releases that are out this Friday.
Jack Spitz
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