Forex – USD/CAD Edges Higher in Quiet Trade

© Reuters. Greenback moves higher vs. loonie in early trade – The U.S. dollar edged higher against its Canadian counterpart in quiet trade on Tuesday, as expectations for several U.S. rate hikes this year continued to support the greenback, although higher oil prices also boosted demand for the commodity-related Canadian currency.

was up 0.14% at 1.2442 by 09:30 a.m. ET (13:30 GMT).

The greenback remained supported after San Francisco Fed President John Williams said on Saturday that the Fed should raise interest rates given that economy will benefit from tax cuts.

The comments came a day after Cleveland Fed President Loretta Mester said she expects about this year, thanks to solid U.S. economic growth and low unemployment.

Meanwhile, the Canadian dollar continued to benefit from climbing amid ongoing signs the market is rebalancing.

The loonie was higher against the euro, with down 0.17% at 1.4841.

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