Loonie at 73.53 U.S. cents
strengthened against its U.S. counterpart on Wednesday as the Federal Reserve’s move to signal a possible pause in interest rate hikes offset additional pressure on oil prices.
“The dollar is getting crushed as the end of the Fed’s tightening cycle is likely here,” Edward Moya, senior market analyst at OANDA in New York, said in a note. The Bank of Canada has already moved to the sidelines but says it could tighten further if needed to return inflation to its 2% target. The price of oil, one of Canada’s major exports, settled 4.3% lower at $68.60 a barrel, its second straight day of steep losses, as investors fretted about the health of the U.S. economy.
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