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The Fed maintained interest rates steady but surprised with a hawkish stance, hinting at upcoming rate hikes in 2023.
The markets are starting the week on a cautious note. The USD is trading narrowly against major currencies, with most varying by about 0.2% against the USD in today's session.
After a remarkable performance in August, during which the US dollar made significant gains against major currencies, its momentum began to wane as the month drew to a close.
The US dollar surged from approximately CAD1.31 in mid-July to CAD1.35 last week due to two primary factors. Firstly, the risk-off phase in the external environment unfavorably affected the Canadian dollar, with an increased correlation to the S&P 500.
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