Canada Dollar Drops a Second Day as Traders Buy U.S. Currency Before Fed

(Bloomberg) -- Canada's dollar dropped a second straight day after touching an 11-month high as traders bought U.S. dollars before the Federal Reserve's policy meeting later today.

Fed policy makers will likely hold their benchmark interest rate at 5.25 percent, according to all 101 economists surveyed by Bloomberg News. They will release an accompanying statement at about 2:15 p.m. in Washington and may indicate they are still leaning toward higher rates to curb inflation. The Bank of Canada's key rate is at 4.25 percent.


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