US Dollar Dropped Against Canadian Dollar Ahead of Fed Minutes Meeting
- Trade Magnates Team
- Nov 22, 2017
- 1 min read
Trade Magnates - US dollar dropped against the Canadian dollar on Wednesday after the release of uncertain US economic reports and ahead of Fed minutes meeting due later in the day.
Initial jobless claim fell more than expected last week to 239,000 as reported by the US department of Labour on Wednesday while durable goods orders dropped 1.2% last month against expectations of 0.3% gain. USDCAD dropped to 1.2747 mark.
Investors and traders are awaiting the Fed’s policy meeting later on the day which might provide hints regarding the interest rate hike expected by December. Outgoing Fed Chair Janet Yellen said in her speech late Tuesday that the central bank should keep gradually rising rates to avoid risk of letting inflation slip below target and therefore dropping unemployment.