Forex
USD/CAD Holds Near 1.4000 Amid Fed Hike Expectations and Oil Rebound
The US dollar held near 1.4000 against the Canadian dollar on Friday as expectations of further Federal Reserve tightening boosted yields.
The Fed raised its benchmark rate by 25 basis points to 3.75%-4% on Wednesday, with projections showing that 16 out of 18 officials anticipate at least one more increase this year.
The US Treasury yield rebounded to about 4.98%, its highest since 2007, after hitting a high of 5.04% on Tuesday.
Oil prices also supported the Canadian dollar, recovering to around $97.30 after an intraday low of $94.63 amid Middle East supply concerns.