Canadian dollar gains 0.4% against the greenbackCanadian new home prices fall 0.2% in FebruaryPrice of U.S. oil settles 1.8% higherCanadian bond yields tumble across curve
TORONTO, March 22 (Reuters) – The Canadian dollar strengthened against its U.S. counterpart on Wednesday as investors cheered a signal by the Federal Reserve that it is nearing a pause in its tightening campaign.
The Canadian dollar was trading 0.4% higher at 1.3660 to the greenback, or 73.21 U.S. cents, approaching its strongest level in recent weeks.
“The Fed is clearly doing its best to put on a brave face by raising rates and sticking with quantitative tightening,” Royce Mendes, head of macro strategy at Desjardins, said in a note.
“But the accompanying statement leaves the door open to further stress in the financial system ending this rate hiking cycle prematurely.”
Wall Street rallied and the U.S. dollar raised interest rates by a…
