Forex – The Canadian dollar rebounded against the greenback on Wednesday, paring losses ahead of a report on U.S. oil inventories and a key Federal Reserve interest rate decision.
USD/CAD shed 0.81% to reach 1.0093 during European afternoon trade. The pair was likely to find support at 0.993, the low of April 21, and resistance at 1.0216, the high of April 19.
The loonie's bounce versus its U.S. counterpart came as fears over euro zone sovereign debt seemed to ease somewhat after Reuters quoted a German government spokeswoman as saying her country did not view either Portugal or Spain as being in the same situation as debt-ridden Greece.
Also Wednesday, the loonie surged against the yen, with CAD/JPY shooting up 1.81% to hit 93.3.
The Fed, meanwhile, was expected to keep interest rates near zero and reiterate its pledge of an "extended period" of very low rates, as the central bank's Federal Reserve Open Market Committee ends a two-day policy meeting.
USD/CAD shed 0.81% to reach 1.0093 during European afternoon trade. The pair was likely to find support at 0.993, the low of April 21, and resistance at 1.0216, the high of April 19.
The loonie's bounce versus its U.S. counterpart came as fears over euro zone sovereign debt seemed to ease somewhat after Reuters quoted a German government spokeswoman as saying her country did not view either Portugal or Spain as being in the same situation as debt-ridden Greece.
Also Wednesday, the loonie surged against the yen, with CAD/JPY shooting up 1.81% to hit 93.3.
The Fed, meanwhile, was expected to keep interest rates near zero and reiterate its pledge of an "extended period" of very low rates, as the central bank's Federal Reserve Open Market Committee ends a two-day policy meeting.