CAD Recovers Ground Before US Fed Statement

The Canadian dollar rose from a two-month low on speculation sluggish economic growth will prompt the Federal Reserve to signal a delay in slowing monetary stimulus that tends to devalue the U.S. dollar.
The currency extended gains versus the greenback after an ADP Research Institute report showed U.S. companies added fewer workers than projected this month. Canada’s dollar posted its biggest weekly drop in four months last week after the Bank of Canada lowered economic growth estimates and removed language about the need for higher interest rates it had kept in every policy statement for more than a year.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza