Canadian dollar stabilizes as markets focus on US Fed meeting

The Canadian dollar steadied against its US counterpart on Monday as markets focused on the US Federal Reserve's decision on its monetary policy tomorrow.

The US Federal Reserve's Open Market Committee has been meeting since today to discuss monetary policy and to take the rate decision with expectations for a cut to 2.25% from 2.50%.

Markets are also closely watching the outcome of the trade negotiations between the United States and China amid an attack by US President Donald Trump on Beijing.

Trump said the Chinese side is trying to stall and prolong trade negotiations until the end of the US presidential election because they prefer the Democrats to negotiate.

Trump stressed that China had not fulfilled its commitments in trade negotiations with Washington, noting that it had committed itself to the size of certain US agricultural purchases, which had not happened.

In terms of trade, at 16:31 GMT, CAD/USD stabilized at 0.7594, with a high of 0.7604 and a low of 0.7576.