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Forex

Dollar Surges Past CAD Amid Fed Rate Hike

Guavy AI Editorial Team
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USD CAD
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The US Dollar (USD) continued its upward trend against the Canadian Dollar (CAD), reaching one-and-a-half-month highs after the Federal Reserve's (Fed) interest rate hike on Wednesday.

The Fed raised its benchmark interest rate to 3.75%-4.0% and hinted at further monetary tightening, which increased the monetary policy divergence with the Bank of Canada (BoC).

The USD/CAD pair accelerated its uptrend after the event and is trading just below the 1.4000 psychological level.

The Fed's hawkish stance was welcomed by the market, with Chairman Kevin Warsh reaffirming the bank's commitment to fighting inflationary pressures and hinting at further interest rate hikes before the end of the year.

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