The Canadian dollar bolstered on Tuesday before the Federal Reserve’s interest rate decision and as crude price steadied.
The US central bank is about to conclude its two-day policy meeting and will release its statement Wednesday.
US crude futures finished at $47.98 a barrel, while Brent futures ended at $53.30.
The loonie closed at 77.36 US cents from Monday’s 76.66 US cents.
The usual suspects? Less pressure from yield spreads, “as Canadian yields “have backed up a little bit more than US yields,” said Bipan Rai, Director of Foreign Exchange Strategy at CIBC World Markets.
Markets will expect the gross domestic product figures for May in Canada, as well as the second quarter in the United States later this week.
The material has been provided by InstaForex Company – www.instaforex.com