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Forex — USD/CAD Falls Ahead of Fed Statement — Forex Stock Trade

Forex — USD/CAD Falls Ahead of Fed Statement

© Reuters. Generally weaker greenback falls against loonie in early trade — The U.S. dollar fell against its Canadian counterpart on Wednesday, as sentiment on the U.S. currency remained fragile ahead of the Federal Reserve, the monthly statement due later in the day, while climbing oil prices, the demand for raw materials spurs-related canadian currency.

USD/CAD was down 0.33% at 1.2251 from 09:30 a.m. ET (13:30 GMT).

Later Wednesday, the U.S. Central Bank was widely expected to leave, to keep the interest rates, but it was also likely to announce plans to trim $4.2 trillion in bond holdings.

The markets were also jittery amid potentially higher tensions between the US and North Korea following radical statements by US President Donald Trump.

In his first speech before the General Assembly of the United Nations on Tuesday, Trump said: «the United States has great strength and patience, but to defend if it is forced themselves and their allies, we have no choice, but to destroy completely, North Korea.»

Meanwhile, the Canadian dollar has benefited from a sustained increase in the price of oil, as traders eye the weekly report on US inventories.

The loonie was lower against the euro, with EUR/CAD sliding 0.32% to 1.4696.

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