Investing.com – The Canadian dollar surged to a 6-week high against the greenback on Tuesday, ahead of the Bank of Canada's decision on whether to keep its benchmark interest rate at a record low.
USD/CAD plunged to 1.0341 during European afternoon trade, its lowest rate since Jan. 20; the pair subsequently consolidated around 1.0356, shedding 0.56%.
The pair was likely to find support at 1.0224, the low of Jan. 14, and resistance at 1.0679, last Thursday's high.
The Canadian dollar also soared against the pound, with GBP/CAD tumbling 0.63% to hit 1.5508.
Economists expect Canada's central bank to keep the short-term interest rate at 0.25%, where it has been since April.