Posted 10/19/2023, 9:24:03 PM
Canadian Dollar Flat as Markets Eye Fed's Powell, Then Gets Late Boost as USD Softens
- Canadian Dollar traded flat on Thursday as markets focused on Fed speech from Jerome Powell
- Canada economic data beat expectations but had limited impact on CAD movement
- Powell notes that policy is restrictive but more could be needed, dropping USD
- CAD saw late break as softening USD gave chance to flip day positive
- USD/CAD facing technical resistance from descending trendline drawn from 2020 peaks
