Loonie at 77.72 U.S. cents
strengthened against its U.S. counterpart on Wednesday as oil prices rose, but the move was limited as investors braced for another oversized interest rate hike by the Federal Reserve.
Investors are anticipating that rapid tightening by the Fed and the Bank of Canada will hurt economic growth. Both the U.S. and Canadian yield curves have inverted in recent weeks, sending a potential signal of recession risk ahead. The Canadian dollar was trading 0.1% higher at 1.2867 to the greenback, or 77.72 U.S. cents, after trading in a range of 1.2848 to 1.2893.
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