Forex
Loonie Stabilizes Amid Crude Oil Weakness and Fed Rate Anticipation
The Canadian dollar showed some stability on Tuesday morning relative to its US counterpart despite weakness in crude oil prices.
As of 9:25 a.m. CDT, the loonie was trading at $0.7092 or $1=C$1.4100, a slightly firmer position than Monday's close of $0.7085 or $1=C$1.4114.
The US Federal Reserve is set to announce its next interest rate decision on Wednesday, with analysts anticipating no change in rates but closely monitoring accompanying statements for hints at future moves. A rate hike as early as September is considered likely.