SINGAPORE, June 5 Reuters The dollar steadied on Wednesday, ahead of key U.S. economic data and a monetary policy meeting in Canada that traders have bet will set off a ratecutting cycle for some of the world39;s biggest economies.

Investors await U.S. services data on Wednesday and more job figures later in the week.

The greenback has languished at an almost twomonth low as signs of a softening U.S. economy on Monday boosted the case for earlier Federal Reserve interest rate cuts.

The Bank of Canada meets a day ahead of a European Central Bank meeting on Thursday. Markets price about a 75 chance of a Canadian rate cut and a 95 chance of a cut in Europe.

The Canadian dollar hugged the middle of a monthslong range at C1.3678 per dollar as did the euro at1.0881 and at both meetings the outlook will be in focus at least as much as the decision.

If there39;s a green light to a lot more cuts this year, then I think that could really weaken the Canadian dollar, said Commonwealth Bank of Australia strategist Joe Capurso.

The U.S. dollar index rose 0.11 to 104.92. It hit 103.99 on Tuesday, its lowest level since April 9.

Investors were also closely watching Brent crude futures, which hovered near fourmonth lows on Wednesday.

If low oil prices cause disinflation to become a global phenomenon again, we wouldn39;t expect more policy divergence, nor a weaker dollar, as this would trigger 39;dovishness39; everywhere, said Thierry Wizman, global forex strategist at…