The Canadian dollar edged lower against its U.S. counterpart on Wednesday as the greenback posted broad-based gains, but the move for the loonie was limited as the Federal Reserve marked down its outlook for growth in the world's largest economy.

The Federal Reserve has slashed its US growth forecast and lifted its inflation outlook, underscoring concerns that Donald Trump’s tariffs will knock the world’s biggest econo

In its latest quarterly economic projections, the Fed lowered its growth outlook for 2024 and 2025, forecasting a slower economy than it projected three months ago. The central bank also expects the unemployment rate to rise to 4.