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The loonie lacked direction with the euro but advanced versus the greenback on Tuesday in New York. Investors weighed the Federal Reserve cutting its target Federal Funds rate to between 0% and 0.25%.
Crude oil surrendered early gains on Tuesday as traders await the results of the Organization of Petroleum Exporting Countries meeting. Light sweet crude for January delivery moved to $44.62, up 11 cents for the session. Prices hit as high as $46.53 earlier in the morning before retreating.
Traders also assessed a report showing Canadian manufacturing shipments fell more than expected in October.
The Canadian dollar rose back towards last week's 2-week high versus the U.S. dollar on Tuesday. The loonie climbed to 1.2188 by 12:30 pm ET, up from 1.2375 in the early morning. Investors considered a report showing U.S. consumer prices dropped more than expected in November.
The loonie was range-bound with the euro on Tuesday. The pair bounced between 1.6961 and 1.6805, staying just above Monday's multi-year low. Traders mulled a report showing German manufacturing activity declined more than expected in December.
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