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USD/CAD Maintains Some Gains Ahead of Fed Decision

M. Ali 27 January, 2021 9:24 pm Forex Market, Market Update

The U.S. Dollar (USD) is maintaining its gains against the Canadian Dollar (CAD) on Wednesday, despite the latter being supported by a rise in oil prices on the back of a large drop in crude stockpiles in the United States.

The USD/CAD pair is up for the day by 0.55% at 1.2764.

The pair has been moving in a range between 1.2686 and 1.2823, noting that it closed yesterday at 1.2694.

Markets are anticipating the outcomes of the U.S. Federal Reserve policy meeting, which is not expected to result in a shift in the easing policies.

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