USD/CAD bounces sharply to 1.3000
|USD/CAD reversed sharply and rose more than a hundred pip during the last three hours as the US rallied across the board amid signals of a potential rate hike from the Federal Reserve during the current year.
From1-week low to 2-week highs
After Janet Yellen speech from Jackson Hold crude oil rose and USD/CAD tumbled to 1.2831, hitting the lowest level since August 19. Afterward it bounced to the upside and peaked at 1.3004, the strongest level in two weeks.
Near the end of the week, it is trading at 1.2985/90, 120 pips above the level it had a week ago. During the week the pair moved sideways most of the time before rising sharply on Friday, a volatile day for financial markets.
The key event of the week was Fed talking from Jackson Hole. Next week, eyes will be on employment data that could be decisive for the odds of a rate hike.
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