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Reuters
Canadian dollar hits seven-week low as Fed guidance rattles markets
The Canadian dollar weakened for a third day against its broadly stronger U.S. counterpart on Thursday, after a hawkish shift in guidance by the U.S. Federal Reserve startled investors. “The Canadian dollar was hammered as the prospect of two U.S. rate hikes erased the advantage the currency had benefited from when it was just the Bank of Canada forecasting rate increases,” Rahim Madhavji, president at KnightsbridgeFX.com, said in a note. A majority of 11 Fed officials penciled in at least two quarter-point rate increases for 2023 in a surprise move on Wednesday, boosting the U.S. dollar to a two-month high against a basket of major currencies.
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