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Canadian Dollar Near 52-Week High on Hawkish BOC and Dovish Fed Comments

Published July 13, 2017
  • The Bank of Canada raised interest rates by 25 basis points to 0.75% yesterday, as expected, and maintained its recent hawkish tone during the press conference following the announcement
  • Markets await U.S. Federal Reserve Chair Yellen’s second day of monetary policy testimony today. This morning’s session is at 10:00AM EST before the Senate Banking Committee
  • Yellen’s first day of testimony before Congress had a cautionary tone regarding future Fed rate increases
  • Global equities are close to record highs this morning, also benefiting from Yellen’s dovish speech
  • Oil is down slightly this morning on reports that June compliance with OPEC production cuts fell to its lowest levels this year, with several member countries producing more than their agreed quotas