The Canadian dollar was little changed against the greenback on Monday, trading within a narrow range as investors positioned themselves ahead of the US Federal Reserve's interest rate decision later this week. The Fed had been indicating it planned to hike rates at some point this year, but recent worries about global growth and lackluster Chinese economic data have increasingly raised the possibility that it may delay a rate hike until 2016.
A Reuters poll last week showed a small majority of forecasters still expect the US central bank to announce a rate hike at the end of its two-day policy meeting on Thursday, though markets-based models suggest the monetary policy tightening will be delayed. At 9:56 am EDT (1356 GMT), the Canadian dollar was trading at C$1.3255 to the greenback, or 75.44 US cents, little changed from the Bank of Canada's official close of C$1.3254, or 75.45 US cents. The currency has traded narrowly between C$1.3225 and C$1.3268 so far during the session.
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