The Canadian dollar fluctuated against the greenback before the FOMC meeting and gained versus the euro after the stocks and crude oil rallied, boosting the currencies related to the growth.
The Standard & Poorâs 500 Index rose 0.6 percent today. September delivery for crude oil rose 1 percent to $81.53 a barrel in New York. Crude oil is main export of Canada. The Canadian currency tends to follow moves of stocks and commodities.
The last week’s bad news about the employment in Canada weakened the loonie. Now the markets await the FOMC decision as the quantitative easing may drive the greenback lower versus the Canadian currency.
USD/CAD traded at 1.0273 as of 23:03 GMT after opening at 1.0268 and jumping as high as 1.0299. EUR/CAD dropped to 1.3585 from the opening level of 1.3646.
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