Canadian dollar firms against US$ after Fed statement

Wed Jan 25, 2012 12:49pm EST
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TORONTO (Reuters) - The Canadian dollar strengthened against its U.S. counterpart at midday on Wednesday after the U.S. Federal Reserve said it will not raise interest rates until at least late 2014 in an effort to support a sluggish economic recovery.

The currency firmed to a session high of C$1.0076 to the U.S. dollar, or 99.24 U.S. cents, from around C$1.0114 just before the Fed statement. It closed on Tuesday at $1.0099 to the U.S. dollar, or 99.02 U.S. cents.

(Reporting By Jon Cook; Editing by Peter Galloway)