TORONTO, March 19 (Reuters) - The Canadian dollar extended its weakness against the greenback on Wednesday after the Federal Reserve revamped its guidance on when the U.S. central bank will eventually raise interest rates.
In a statement following a two-day policy meeting, the Fed dropped the U.S. unemployment rate as its definitive barometer of the economy’s strength but made clear it would rely on a wide range of measures in deciding when to raise rates.
The loonie broke through the key C$1.12 level immediately following the statement to trade at a fresh session low of C$1.1238. The Canadian dollar was most recently at C$1.1223 to the greenback, or 89.10 U.S. cents, weaker than Tuesday’s close of C$1.1137, or 89.79 U.S. cents. (Reporting by Leah Schnurr; Editing by James Dalgleish)
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