The Canadian dollar is the standout winner in FX markets after the Bank of Canada raised rates by 0.25% to 0.75% as widely expected but did not deliver the ‘dovish hike’ some were expecting. US Bond yields and the US dollar are generally lower (EUR/USD The exception) after Janet Yellen’s Congressional testimony was interpreted in a slightly dovish light. This has pulled AUD/USD higher by default, aided also by what looks like a bout of profit taking on erstwhile winning long Euro trades and where positioning might have become somewhat stretched in the past week or so.
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