16.12.200814:25:00UTC+00Canadian Dollar Shows Mild Strength Against Majors

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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