- USD/CAD climbs sharply to 1.3248, gaining more than 0.40% after Jerome Powell’s remarks at the European Central Bank (ECB) Sintra event.
- Powell’s suggestion of two more increases in the Fed’s policy boosted the pair, driving it to a new two-week high at 1.3276.
- Market odds for a Fed 25 bps rate hike in June rose to 84.3%, driving the US dollar higher.
USD/CAD climbed sharply on Wednesday, helped by the US Federal Reserve (Fed) Chair Jerome Powell’s remarks at the European Central Bank (ECB) Sintra event, reiterating the Fed would likely hike two times as shown by the dot-plots. The USD/CAD is trading at 1.3248, gains more than 0.40% after hitting a daily low of 1.3188.
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