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TORONTO, June 11 - The Canadian dollar edged higher against its U.S. counterpart on Tuesday but was trading not far off its weakest level in nearly two months, as oil prices rose and investors awaited a Federal Reserve interest rate decision.
"We are seeing the U.S. dollar strengthen as people are concerned that the Fed may not be able to cut interest rates in the near future," said Darren Richardson, chief operating officer at Richardson International Currency Exchange Inc. The U.S. central bank is expected to leave interest rates unchanged at the conclusion of a two-day policy meeting on Wednesday.
Last Wednesday, the Bank of Canada became the first G7 central bank to cut rates. BoC Governor Tiff Macklem is due to participate in a panel discussion on economic volatility on Wednesday.
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