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Canada Dollar Close to 3-Week High Versus Euro Before ECB

The Canadian dollar traded at almost a three-week high against the euro on speculation the European Central Bank will show a bias toward lower interest rates at a meeting of policy makers tomorrow.

ECB President Mario Draghi is projected to maintain the bank’s rate target at 0.75 percent, where it’s been since July 2012, according to the median estimate of a Bloomberg survey of 55 economists, while the Bank of Canada has a bias toward raising its target rate. Canada’s dollar was little changed against its U.S. counterpart after a report showed the nation’s housing market slowed in December, signaling the country may avoid a housing bubble.