USD/CAD tanks towards 1.3620s after hitting a YTD high of 1.3832 on upbeat sentiment – by christianborjon USDCAD Majors Macroeconomics Fed Technical Analysis
nearby 2022 YTD low levels. Factors like the GBP’s currency crisis, alongside Europe’s energy woes, and hawkish Fed rhetoric, were the main reasons driving the markets.
In the meantime, Fed speakers led by Atlanta’s Fed Bostic said that inflation is “too high” and commented that his base case for the November meeting is to hike by 75 bps on December 50. At the time of typing, the Chicago Fed President, Charles Evans, said that the Fed is raising rates expeditiously to tackle very high and persistent inflation.
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