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USD/CAD erases losses as dollar rallies against commodity currencies

FXStreet (Córdoba) - USD/CAD managed to climb back to the level it had before the FOMC statement. The pair bottomed at 1.3070 during Yellen’s press conference, reaching the lowest since August 21, but then rebounded sharply and rose back above 1.3170.

Currently it trades at 1.3175, around the same level it had minutes before the decision of the Federal Reserve to leave rates unchanged. Greenback gained momentum against commodity and emerging market currencies during the last minutes of trading in Wall Street. From the lows USD/CAD rose more than a hundred pips, making a strong reversal.

No historic day at the Fed

The US central bank decided to wait for the liftoff. Yellen explained that the committee judged it appropriate to wait for more evidence, “including some further improvement in the labor market, to bolster its confidence that inflation will rise to 2% in the medium term”, before starting the normalization process.

Crude oil initially rose to test daily highs at $47.50 but then bounced to the downside. WTI futures now stand at $46.70, modestly lower for the day. Stocks in Wall Street finished with mix results. The Dow Jones lost 0.40% or 65 points after falling 250 points from the highs while the Nasdaq gained 0.10%.

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EUR/USD picked up fresh momentum and regained 1.1400 as another wave of selling hit the dollar after Yellen finished her press conference.
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