The Canadian dollar was little changed during the Asian trading session after closing almost flat at the end of the Monday’s session. As usual, the currency was following moves of crude oil, which this time has not been able to help the loonie in determining its trend.
Prices for crude was rising during Monday’s trading, helping commodity currencies, and the Canadian dollar in particular. Yet the upward momentum of oil prices had faded by the Monday’s settlement, leaving the currency without support. Thus, the loonie has lost all the gains it had acquired on Monday.
The attention of traders is glued to the upcoming meeting of the Federal Reserve. Trading will likely be erratic ahead of the event as speculations and swings of traders’ mood are going to result in unpredictable moves on the currency market.
USD/CAD opened at 1.3220 on Monday, settled at 1.3202, and was trading at 1.3206 as of 1:07 GMT today on Tuesday. EUR/CAD opened at 1.4732 and fell to 1.4650 yesterday before closing at 1.4750 and staying near that level today. CAD/JPY traded at about 77.14 on Tuesday after opening at 77.22, rallying to 77.64, and retreating back to 77.17 on Monday.
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