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Canadian dollar struggles to rise alongside oil
Commodities and some commodity currencies caught a bid after China policymakers signaled more stimulus would soon help their struggling recovery, but that didn’t help the Canadian dollar. Canada’s largest export has seen oil prices catch a bid over the past month, while the loonie has appreciated but mainly been rangebound over the past week. It looks like FX traders are locked in with the Fed day. USD/CAD has been consolidating between the 1.3150 to 1.3250 range over the past week. If risk appetite remains in place post-FOMC decision, the Canadian dollar could make a run towards the 1.3000 level. A hawkish ... (full story)