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C$ rises with oil as greenback slips ahead of Fed decision

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By Fawad MaqsoodReuters
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TORONTO: The Canadian dollar strengthened against its US counterpart on Wednesday as oil rose, while American inflation data pressured the greenback ahead of an expected interest rate increase by the Federal Reserve.

The price of oil, one of Canada's major exports, climbed as industry data showed a larger-than-expected drawdown in US crude stockpiles, while expectations for an extended shutdown of a major North Sea crude pipeline also continued to bolster markets.

US crude prices were up 0.7 percent at $57.55 a barrel.

Copyright Reuters, 2017
 

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