Forex - U.S. dollar little changed vs. Canadian dollar
Investing.com
Published Jul 16, 2013 09:38AM ET
USD/CAD hit 1.0442 during early U.S. trade, the session high; the pair subsequently consolidated at 1.0427, inching up 0.01%.
The pair was likely to find support at 1.0378, Monday’s low and resistance at 1.0470, the high of July 11.
Data on Tuesday showed that U.S. consumer prices rose more than expected in June, while industrial production also beat expectations last month.
The Labor Department said U.S. consumer prices rose by a seasonally adjusted 0.5% in June, compared to expectations for a 0.3% increase, after rising by 0.1% in May.
Year-over-year, consumer prices rose by 1.8%, above expectations for a 1.7% gain and up from 1.4% in May.
Meanwhile, the Federal Reserve said U.S. industrial production rose 0.3% in June, above expectations for a 0.2% increase.
The dollar remained under pressure as investors awaited Bernanke’s testimony on Wednesday, amid speculation over the timing of a possible reduction to the bank’s USD85 billion-a-month bond buying program.
The dollar fell sharply last week after Bernanke said the U.S. economy still needed monetary stimulus.
The loonie, as the Canadian dollar is also known, was lower against the euro, with EUR/CAD rising 0.45% to 1.3682.
In Canada, official data on Tuesday showed that manufacturing sales rose 0.7% in May, undershooting expectations for a 1% increase.
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Written By: Investing.com
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