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Canadian Dollar Strengthens Slightly Following BOC Decision
The USD/CAD edged higher on Wednesday as the Bank of Canada kept rates unchanged but reduced its bond purchase program. This move came during general dollar weakness as the greenback fell against most major currencies. The Canadian Central Bank also said that economic conditions had improved enough to reduce its weekly purchases of federal bonds to $2 billion from $3 billion. U.S. PPI came out stronger than expected by Fed Powell’s commentary that the Fed would leave rates unchanged and that the economy was not strong enough yet to handle a rate increase weighed on yields and the greenback. Technical Analysis: The ... (full story)