The dollar dropped against most major currencies
USD/CAD settled below 1.2385 and is trying to get to the test of the support at 1.2350.
The Canadian dollar rose for a second day against its broadly weaker U.S. counterpart on Tuesday, as investor sentiment strengthened after it was weakened last week by a hawkish shift in guidance from the Federal Reserve. "It's a broad U.S. dollar move again today," said Erik Bregar, head of FX strategy at the Exchange Bank of Canada. Canada is a major exporter of commodities, including oil and base metals, which have benefited from Fed stimulus.