C$ hits 12-day high as Fed opts for supersized rate cut

"Initial price action in financial markets is consistent with a relatively dovish interpretation of the Fed's likely policy path," said Karl Schamotta, chief market strategist at Corpay. But the rate decision could "clear the way for an acceleration in easing from other major central banks, making the Bank of Canada more likely to deliver an equivalently sized cut at its October meeting," Schamotta said.

Read the Reuters article here.