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Canadian dollar strengthens after Yellen testimony

TORONTO, Feb 24 (Reuters) - The Canadian dollar recouped its losses to strengthen modestly against its U.S. counterpart on Tuesday as Federal Reserve chair Janet Yellen testified in front of a congressional committee.

Yellen said the Fed would consider interest rate hikes “on a meeting-by-meeting basis” in an effort to increase the Fed’s flexibility and mute any potential market reaction ahead of move.

The Canadian dollar had strengthened to a session high of C$1.2555 vs the U.S. dollar, or 79.65 U.S. cents, stronger than Monday’s finish of C$1.2576, or 79.52 U.S. cents. (Reporting by Solarina Ho)

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