Forex – USD/CAD Edges Up Off 4-Month Lows

© Reuters. Greenback gains some ground vs. loonie in early trade – The U.S. dollar edged up from recent four-month lows against its Canadian counterpart on Monday, as expectations for upcoming U.S. rate hikes lent broad support to the greenback.

was up 0.15% at 1.2428 by 09:30 a.m. ET (13:30 GMT), off Friday’s four-month trough of 1.2353.

The greenback found support 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.

The U.S. dollar had initially weakened after the U.S. Department of Labor reported on Friday that the economy added in December, disappointing expectations for an increase of 185,000. The unemployment rate remained unchanged at , as expected.

Later Monday, the Bank of Canada was set to release its quarterly .

The loonie was higher against the euro, with down 0.33% at 1.4877.

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