China, host of the globe's second-largest economy yet the one that's the most rapidly developing, will mark an increase in manufacturing during the month of October, marking the first month in the past four. An increased optimism for prospects for a deal to resolve the sovereign debt crisis also drove the Canadian dollar higher in value. Tuesday was scheduled to see policy makers with the Bank of Canada convene to discuss the 1 percent interest rate, which is likely to remain unchanged.
"USD/CAD will likely take its cues from broader market movements, but with tomorrow's looming Bank of Canada interest rate decision and statement it is unlikely to move dramatically away from current levels," states a client note from chief currency strategist Camilla Sutton with Scotia Capital.
German Chancellor Angela Merkel and French President Nicolas Sarkozy, leaders of nations hosting the euro zone's two top economies, signaled over the past weekend that a resolution might be near for the sovereign debt crisis, Dow Jones Newswires reports.
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