After months of preparations and signaling, FOMC finally decided to hike federal funds rate. The rate was at the record low of 0 - 0.25% for the past seven years (since December 2008). Last time that the rate was hiked was nearly ten years ago (in June 2006). New band for the rate is 0.25% - 0.50%.

A couple of hours before the decision, much weaker than expected crude oil inventories report sent the Loonie to new eleven-year high (~1.3850), above the June 2004 high (~1.3820). The decision led to several whipsaws but the pair ended right where it started. The pair remains supported into 1.3775.

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