The Canadian dollar reversed its overnight gain and fell versus the U.S. dollar on Wednesday as the calm restored in financial markets after Tuesday's U.S. Federal Reserve rate cut was short-lived.
Domestic bond prices, with no key Canadian data to trigger a move, followed the bigger U.S.
Treasury market higher across the curve as equity markets looked poised for a pullback.
At 8:40 a.m. EDT, the Canadian dollar was at US$1.0032, valuing a U.S. dollar at 99.68 Canadian cents, down from US$1.0048, valuing a U.S. dollar at 99.52 Canadian cents, at Tuesday's close.
The Canadian dollar had rallied overnight, reaching a high of US$1.0126, or 98.76 Canadian cents per U.S. dollar, as the Fed rate cut on Tuesday helped boost market sentiment.
Read Complete Story
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment