The Canadian dollar was slightly changed on Tuesday as traders were waiting for the Federal Reserve’s decision after the two-day policy meeting.
Most market participants widely expect the US central bank to continue increasing interest rates this year.
The loonie finished at 81.22 US cents from Monday’s 81.19 US cents.
The currency is projected “to trade between C$1.1950 and C$1.26 over the coming weeks and months,” said David Bradley, Director of Foreign Exchange Trading at Scotiabank.
US crude ended up 45 cents to $59.97, but Brent crude wiped out 25 cents to $63.70.
Meanwhile, the Canadian wholesale trade data for April will be released Wednesday.
The material has been provided by InstaForex Company – www.instaforex.com