Dollar rises after Bank of Canada rate cut

Tue Jan 22, 2008 9:14am EST
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NEW YORK (Reuters) - The Canadian dollar rose slightly against the U.S. dollar on Tuesday after the Bank of Canada cut its benchmark interest rate by 25 basis points, meeting market expectations.

Earlier on Tuesday, the U.S. Federal Reserve slashed its key rate by 75 basis points in a surprise move.

The U.S. dollar was trading at C$1.0335, down from C$1.0360, where it was slightly before the Bank of Canada decision.

(Reporting by Kevin Plumberg; Editing by James Dalgleish)